Bankruptcy Chapter 13

Chapter 13 Bankruptcy Attorney in Oklahoma City

Protect Your Assets With a Chapter 13 Bankruptcy Claim

Also called a “wage earner’s plan,” a Chapter 13 bankruptcy helps you reorganize your debts and make a plan to repay them within 3 to 5 years. Creditors are not allowed to contact or harass you while you are under Chapter 13 protection, and many people choose this form of bankruptcy to protect important assets.

That being said, Chapter 13 bankruptcy is only available to people with certain incomes and certain amounts of debt. If you are feeling overwhelmed by debt, Jarman Law Office can help you determine your eligibility and take the next steps.

Call us at (405) 221-9696 and tell us about your situation today.

Choosing Chapter 13 Bankruptcy

Although Chapter 7 bankruptcy is the most common form of bankruptcy in the United States, some people make too much money to qualify. If you have the means to pay your debts, you will fail the “means test,” and Chapter 13 bankruptcy may be your only option to get your finances back in order.

Further, you cannot file for Chapter 7 bankruptcy if you have filed a Chapter 7 bankruptcy claim within the last 6 years. If you’ve come on hard times again, Chapter 13 bankruptcy may be a good way to address your debts.

Not everyone chooses Chapter 13 bankruptcy because it’s their only option, however. Chapter 13 might be the right option for you if you do not want to lose a mortgaged home or other valuable assets. This type of bankruptcy can let you catch up on missed mortgage payments, strip liens via adversarial proceedings, and keep nonexempt assets and luxury goods – as long as you pay your debts according to your repayment plan.

Nevertheless, you are only eligible for Chapter 13 protection if:

  • Your unsecured debts are less than $394,725 and your secured debts are less than $1,184,200 (these numbers are subject to change based on the consumer price index).
  • You have a steady income and can afford to meet your monthly household obligations and pay into a repayment plan.
  • You are not a business – Chapter 13 protections can cover individuals, married couples, and business-related debts but not businesses themselves.

Filing and completing a Chapter 13 bankruptcy is more complex than filing and completing a Chapter 7 bankruptcy, but Jarman Law Office can help you choose and file the type of claim that works best for you.

Getting Started

The first step to filing any bankruptcy claim is seeking credit counseling. Credit counseling and debtor education courses are mandatory for any debtor that wishes to file bankruptcy. From there, you will file some paperwork, pay some fees, and begin to build a Chapter 13 Repayment plan.

When you contact an approved credit counselor, we encourage you to contact our Oklahoma City Chapter 13 bankruptcy lawyer, as well – our legal team can help you file all your court documents and build a Chapter 13 plan that will satisfy your bankruptcy trustee and your creditors.

Your Chapter 13 Repayment Plan

With Chapter 13 protections, you will ultimately pay most of your creditors less than the full amount you owe them. Still, you will pay them portions of your debts every month based on a repayment plan you and your lawyer design. Your Chapter 13 repayment plan should focus on priority debt first (typically child support, alimony, and tax obligations), then you will payed secured debt, which is debt applied to an asset (like a car or home). The remainder of your disposable income should go to unsecured debt, like medical bills or credit card debt. As long as you are putting income you are not spending on working/living expenses and other debts towards unsecured debt, you may not pay very much of it at all.

If you want to keep non-exempt property as part of your repayment plan, you must pay the value of the property through your plan. For instance, say you want to keep a luxury car that is worth $124,000. As long as you put $124,000 into your repayment plan, you will not lose your car to Chapter 13 bankruptcy proceedings.

Most people spend 5 years giving all their disposable income toward debt repayment before creditors dismiss the rest of the debt. People who qualify for Chapter 7 protections but choose to file a Chapter 13 bankruptcy to save a car or house or payoff priority debts may be able to complete Chapter 13 bankruptcy in 3 years.

Courts tend to favor 5-year plans, regardless. With more than 15 years of experience, Attorney Jarman can offer insight and help you make a repayment plan that works for everyone involved in your Chapter 13 bankruptcy case.

Take the First Steps Toward Being Debt Free Today

No one wants to be in over their head with finances, but debt can add up quickly. If you need to file for bankruptcy, you have nothing to be ashamed of. Our legal team has seen all kinds of cases, and we understand how situations like yours can happen. We also believe everyone deserves a fresh start.

Whether you’re filing for Chapter 7 or Chapter 13 bankruptcy protection, you will want to hire a lawyer who is both compassionate and aggressive. You want personalized legal attention, as well as an advocate who will fight for your rights and protect your best interests.

At Jarman Law Office, you’ve found that lawyer and legal team.

Call us at (405) 221-9696 or contact us online to get started – we know this is a difficult time financially, so we offer payment plans for all Chapter 13 bankruptcy cases.

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