Oklahoma Chapter 13 Bankruptcy
Oklahoma Chapter 13 bankruptcy is a complicated form of financial reorganization designed to allow someone deeply in debt to work out a payment plan to pay off debts rather than face liquidation and foreclosure. Most people who resort to Oklahoma Chapter 13 protection suffer unforeseen financial situations such as illness, loss of income, or divorce, but still have the means to work out a reasonable timeframe to recover their finances. There is no shame in needing help in reorganization of debt in these trying economic times. In fact, it’s the contrary; bankruptcy is often used by multi-billionaires and international corporations to put their financial heath in order.
Under Oklahoma Chapter 13 bankruptcy protection, the debtor usually works out a 3-5 year timeline to pay off any number of debts. During this time, the Federal Government prevents creditors from seizing any property or inflicting any more debt, unless they pursue costly legal action. Although the creditor will receive less payment than if the debtor had remained solvent, creditors will often receive more money than if the courts were to liquidate the property of the debtor. Unfortunately, the mark of bankruptcy will remain on the debtor’s record for ten years, but considering the alternatives, Oklahoma Chapter 13 reorganization is often the best choice for many debtors. Unfortunately, the United States Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 which sets out specific guidelines for bankruptcy protection, and many debtors have found they are unable to receive the help that they so desperately need.
Bankruptcy law is innately confusing and complicated. Experienced legal counsel can help you sort out the hundreds of laws and statues preventing you from receiving the protection you need. At Atkins & Markoff, we believe that everyone is entitled to the same protection, regardless of income. Let us help you protect your financial health, and together we will help you start fresh with Oklahoma Chapter 13 reorganization.