If you go bankrupt, that doesn’t mean that you lose everything, especially your home. There’s a way to keep your home, and that’s through a Chapter 13 debt reorganization plan. Under this type of plan, you can make a monthly payment to a bankruptcy trustee for between three years and five years. The trustee then distributes your payments to your creditors who have made appropriate bankruptcy claims.
As opposed to a Chapter 7 proceeding, it’s unlikely that you’ll be required to surrender any property to the court. Assuming that all of your payments are made in a timely manner, you’ll probably be discharged from at least some unsecured debts too. If you’re looking for relief from your debts, you’ll want to speak with a chapter 13 bankruptcy law attorney in Tulsa, OK, about what might be discharged.
Why Choose Chapter 13 Reorganization?
First, it might be determined that you have sufficient financial means to petition for Chapter 13 reorganization and a viable payment plan. You’re also allowed to get current on your mortgage, car loans and other secured indebtedness. Debtors can even get caught up on back child support or alimony obligations. If you have a co-signer on a loan, Chapter 13 can operate to protect that person too. Even back taxes and student loans might be packed into a Chapter 13 reorganization.
Chapter 13 bankruptcy is no secret. It’s the second most frequently filed type of bankruptcy in the country. Contact us to talk with a Chapter 13 bankruptcy law attorney in Tulsa, OK, about saving your home and other secured assets while getting some breathing room from creditors.
