Okmulgee Chapter 13 Bankruptcy cases are filed everyday in Okmulgee County. If you’re filing a bankruptcy case and at the time you file you live in Okmulgee County the case is filed in the Eastern District Bankruptcy Court. Chapter 13 bankruptcy is a great option for many people. It will save your home from foreclosure and allow you to get caught up on the late payments. Its also a great option if your income is above the maximum to qualify for a chapter 7 bankruptcy.
Chapter 13 Bankruptcy Basics
For consumers filing bankruptcy there are usually two kinds of bankruptcy cases to file. There is a chapter 7 or a chapter 13. Although there are other reasons to file a chapter 13 the primary reason is that your income is to high to qualify for a chapter 7. Anytime a person considers filing bankruptcy the family income is considered. This is called means testing. If your income is above the median family income for your family size you must file a chapter 13. Unlike a chapter 7 that wipes out the debt a chapter 13 requires that you make payments of the debt for five years.
Stop Foreclosure on Your House
One of the great things about chapter 13 is that it stops all foreclosure activity on your home. A chapter 13 allows you to take all the past due payments and consolidate them. The chapter 13 plan sets them up for five years allowing you to keep your home and stop the foreclosure. During this time you’ll be making your current payments just like you always have.
How Much is The Chapter 13 Payment
The amount of your monthly payment is dependent on many different factors. The primary thing is the amount and type of debt you have. If you have late payments on a secured asset like you home the late payments must be totally caught up by the end of the five year plan. This is the same for all secured property that you keep. Other unsecured debt that you have like credit card debt is also paid out over five years. The payment amount is dependent on your disposable income after you pay all of your secured debt and other necessities like food, clothing transportation and more.
Okmulgee Chapter 13 Attorney Near You
If you’ve reached the end of your financial rope bankruptcy may be the answer. Chapter 13 or chapter 7 no worries because we do them both. A bankruptcy can stop foreclosures and garnishments, eliminate credit card and payday loans together with most other unsecured debt. Call and get a totally free and confidential consultation with our Okmulgee Chapter 13 Bankruptcy attorneys today.