Oklahoma City Bankruptcy Attorney: Chapter 13

Bankruptcy Helps Individuals with Large Debts

Borrowers who fall behind in their payments may face the threat of the loss of their home to foreclosure, repossession of a car, property liens or other consequences. A change in circumstances often contributes to a financial hardship and the inability to keep up with financial obligations. If you are struggling to keep up monthly payments and have mounting debts, contact Oklahoma City bankruptcy attorney for legal assistance.

Many debtors are unaware of the private and government options available to them whether through debt consolidation, debt settlement, or bankruptcy. The bankruptcy firm of Mitchell | Hammond is dedicated to helping clients in need of a workable solution to their financial situation. With over 21 years of practicing law, Gary Hammond served as a Chapter 7 Trustee for 12 years and administered over 13,000 cases successfully. He is also a frequent guest speaker and a published author.

You May Qualify for Chapter 13 Bankruptcy

An individual considering bankruptcy would take a bankruptcy Means Test to determine if he or she qualifies for a chapter 7 bankruptcy based on the amount of disposable income. High income earners may not qualify but would instead turn to chapter 13 for help with large debts. A bankruptcy filing protects the debtor from further credit collection actions and for many that is a great relief. A chapter 13 bankruptcy differs from a chapter 7 or Chapter 11, but it allows a chance to catch up and retain personal property and real estate and possibly rid of liens and eliminate interest on certain taxes. The bankruptcy court would approve a structured payment schedule after careful review of financials. The debtor then gives his or her disposable income to an appointed Trustee who in turn distributes the money per the order of the court. One requirement is that the debtor must remain current with all other financial obligations during the designated period and show documented income. Make an appointment today for a consultation regarding Chapter 13 bankruptcy.

Contact an Oklahoma City Chapter 13 b ankruptcy lawyer if you need time to catch up on debt payments and want freedom from collection actions.