Oklahoma Bankruptcy HelpHow Long Does an Oklahoma Chapter 13 Last?

If you have a steady source of income but are having problems paying your credit cards as agreed, you may wish to research Oklahoma Chapter 13 bankruptcy.

Chapter 13 is a partial debt repayment plan administered by a trustee of the Tulsa division of the United States Bankruptcy Court. Due to bankruptcy reform laws, some people only qualify for partial debt relief under an Oklahoma Chapter 13.

FAQ: Oklahoma Chapter 13

If you are approved for an Oklahoma Chapter 13 plan, a judge will reduce at least some of your credit card and other consumer debts like loans not secured by property or other collateral.

You may also be able to renegotiate the terms of loans secured by a motor vehicle or your primary residence. But if a judge does not believe you can handle a Chapter 13 plan while repaying your secured loans and covering basic living expenses, then your request will almost certainly be denied.

Time Frames

It takes three to five years to repay an Oklahoma Chapter 13 bankruptcy.

The fact you needed Chapter 13 will negatively impact your credit rating for seven years. However, the seven-year time window begins on the day your attorney filed the case in Tulsa – not the date you finish repaying the plan.

Additional Considerations

Your finances will be the business of your case trustee while you are still repaying debts in a partial bankruptcy.

If you get a sudden windfall, legally you must inform Tulsa bankruptcy court staff members. Also, you could be obligated to use all or part of your state and federal tax refunds for repaying your creditors.

Low-cost Bankruptcy Planning: Tulsa Bankruptcy Lawyer

To get the best possible outcome in your bankruptcy case, you will need to set expectations for yourself and also understand your attorney’s expectations of you.

If you’re ready to file, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa as soon as possible.

To receive your low-cost initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at (918) 786-9600.