Facing bankruptcy can be intimidating, especially for those who do not know much about the process and what they can expect. Those who want to overcome their debt by being given time to make payments are urged to learn more about chapter 13. This information seeks to inform individuals of what they can expect from the process.
What Is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is often referred to as the wage earner’s bankruptcy. This name is given to this type of bankruptcy because a person must have a reliable source of income coming in each month so they can pay off the debts they owe. Payments are made to the court each month so the debts can be paid down over a period of three to five years.
Chapter 13 bankruptcy allows a person to be able to avoid foreclosure on their home. It also stops all collection activity, forbidding any creditor from contacting the debtor in any way. Chapter 13 gives individuals peace of mind and the time they need to be able to pay off their debts with as little stress as possible.
A repayment plan must be submitted to the court and payments must be made each month, so the bankruptcy remains in good standing. Failure to stick with the payment arrangement could result in the bankruptcy being revoked.
How to Get Started
To discover whether or not Chapter 13 is the answer, an individual or couple first needs to schedule a meeting with the bankruptcy attorney. At this meeting, the individual’s financial records will be discussed, including how much they make, the debts they owe, and any assets they own. Providing this information is crucial for ensuring the attorney will be able to steer their client in the right bankruptcy direction.
Getting help from a bankruptcy attorney makes a big difference in helping individuals and couples to overcome the debt they are dealing with. To learn more about Chapter 13 and how it can help, visit http://tulsabankruptcylawyers.net/bankruptcy-attorney-tulsa-chapter-13-bankruptcy/.
To get started on the process, call the office right away to schedule an appointment. With the help of an attorney, filing for bankruptcy is much easier.