Oklahoma Bankruptcy HelpHow Long Does an Oklahoma Chapter 13 Last?

When considering whether to file a Tulsa, Oklahoma Chapter 13, a common question regards how long this type of bankruptcy lasts. There are two primary time frames to keep in mind when deciding whether to file this type of “wage earner’s plan” with your local U.S. Bankruptcy Court.

Repayment and Oklahoma Chapter 13

An Oklahoma Chapter 13 requires you to partially repay your creditors under a bankruptcy court trustee’s supervision. The time frame for your plan will be three to five years. Many factors determine the length of your plan, including your income, the amount of debt you have, whether you are reaffirming secured loans such as auto notes or home mortgages, and your basic living expenses.

It is also important to remember that whether your Oklahoma Chapter 13 payments will be three, four, or five years, your finances are the business of the U.S. Bankruptcy Court during this time period. In other words, you cannot get new credit accounts without your trustee’s permission. Also, unexpected financial benefits such as tax refunds and inheritances may be partially or fully used to repay your creditors.

Credit Reporting

The day that you or your Tulsa bankruptcy attorney file for an Oklahoma Chapter 13 plan, a credit reporting time frame begins. The fact that you needed bankruptcy will adversely affect your credit rating for seven years from this date.

Once you are finished with your Chapter 13 payments, you may apply for new credit cards, auto loans, and the like without the court’s permission. However, you will likely have a harder time getting credit and will also pay higher interest rates.

Other Considerations

As of November 2019, it cost $310 to file for an Oklahoma Chapter 13 bankruptcy. This does not include attorney’s fees; you can legally file bankruptcy without an attorney, but it is usually inadvisable to do so. You can receive a initial bankruptcy case analysis today by calling Freedom Financial Bankruptcy Lawyers of Tulsa today at 918-786-9600.

Also, no type of bankruptcy will reduce or eradicate your obligation to pay recent tax bills, child support, alimony, most federally issued student loans, court fines, and debts incurred through the commission of any crime — including lying on a credit application or causing a car accident.

Initial Strategy Session: Tulsa Bankruptcy Attorney

Bankruptcy law and its forms are complicated, and mistakes will cost you. It is important to get the forms right the first time.

Your attorney can help you understand the process and what debts you will likely be required to pay, which debts are secured with collateral, and what property is exempt.

Because we have worked with so many clients, we know how to do the filings right and how to make the process efficient. Our goal is to make affordable debt relief in Tulsa available to anyone who needs to get out from under debt and back on top of their financial life.

Get out from under by calling for the help you need today. We are here to help.

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