{"id":1337,"date":"2023-01-20T15:05:41","date_gmt":"2023-01-20T15:05:41","guid":{"rendered":"https:\/\/scottharrislaw.com\/?page_id=1337"},"modified":"2023-01-31T15:09:02","modified_gmt":"2023-01-31T15:09:02","slug":"are-you-eligible-for-chapter-13-bankruptcy","status":"publish","type":"page","link":"https:\/\/scottharrislaw.com\/are-you-eligible-for-chapter-13-bankruptcy\/","title":{"rendered":"Chapter 13 Eligibility Oklahoma City OK"},"content":{"rendered":"
Being in debt can be difficult on your body and mind, especially if you still owe money on bills that are past their due date. Fortunately, you can file for Chapter 13 bankruptcy to have some of your debts discharged if you have a reliable source of income but overwhelming debts.<\/span><\/p>\n Since we know the negative consequences money problems may have on you and your family, we at Scott Harris Law, PLLC, are <\/span>committed to helping you find a solution<\/span><\/a>. We can help you to check your Chapter 13 eligibility in Oklahoma City, OK. We have also successfully guided our clients through the debt relief process by offering legal advice and support and dealing with problems, including <\/span>debt negotiation<\/span><\/a>,<\/span> foreclosure defense<\/span><\/a>, and other debt relief-related issues. Call our law office to speak with a Chapter 13 bankruptcy attorney in Oklahoma City so that we can discuss your legal options and get you started on the path to a future free of debt.\u00a0<\/span><\/p>\n It requires effort and time to file for bankruptcy. One must be able to adhere to specific guidelines and meet all eligibility conditions. Additionally, there are instances in which you may not have the required documentation, which might lead to problems. Hire a lawyer if you wish to avoid this.<\/span><\/p>\n Set up a meeting with us now if you wish to <\/span>begin the debt relief process<\/span><\/a>!<\/span><\/p>\n As defined by Chapters 7, 11, 12, or 13, an individual debtor may file for bankruptcy protection under the U.S. Bankruptcy Code. Family farmers and fishermen are permitted to use Chapter 12. Because of this, most people choose Chapter 7 or Chapter 13 bankruptcy. To file under Chapter 7, you must pass the “means test,” which compares your income to the income of other Ohio households in similar situations. If you are not qualified for Chapter 7 bankruptcy or have irreplaceable non-exempt assets you do not want to lose, you have to file under Chapter 13.<\/span><\/p>\n Another aspect that affects the decision to file a Chapter 13 bankruptcy is the ability to repay debt under the Chapter 13 plan that might not be dischargeable in a <\/span>Chapter 7 bankruptcy<\/span><\/a>. Two instances of these non-dischargeable obligations are unpaid income taxes and child support.<\/span><\/p>\n A Chapter 13 bankruptcy petition will enable the debtor to reestablish credit while the case is ongoing, in contrast to a Chapter 7 bankruptcy filing. Payments made under a Chapter 13 plan (on loans taken out after filing bankruptcy and while the plan is pending) help to improve the debtor’s credit rating with the credit reporting bureaus.<\/span><\/p>\n Certain obligations under the Chapter 13 repayment plan usually undergo restructuring to give the debtor better terms to repay the loan like:<\/span><\/p>\n Speak with an <\/span>Oklahoma bankruptcy lawyer<\/span><\/a> at Scott Harris Law, PLLC, immediately to discuss your legal rights and choices because time is of the essence in this circumstance.<\/span><\/p>\n The following conditions must be met to be eligible under Chapter 13 rules in the <\/span>U.S. Code of Bankruptcy<\/span><\/a>:\u00a0<\/span><\/p>\n Only an individual or a married couple filing jointly may file for bankruptcy under Chapter 13. Since they are not eligible for Chapter 13 protection, corporations and limited liability companies (LLCs) must apply for bankruptcy under Chapter 11.<\/span><\/p>\n You may do so for the debts for which you are personally liable, regardless of whether you own the business as a lone owner or with a partner. However, neither stockbrokers nor commodity brokers are eligible for Chapter 13.<\/span><\/p>\n If you discharged a certain debt in a Chapter 7 bankruptcy during the last four years or in a Chapter 13 bankruptcy within the last two years, you are not qualified for a Chapter 13 bankruptcy until the necessary period has passed.\u00a0<\/span><\/p>\n Once the bankruptcy petition was dismissed within the previous three months, the borrower would not be qualified for either Chapter 13 or Chapter 7 for any of the following reasons:<\/span><\/p>\n A Chapter 13 debtor needs to provide a certification of evidence with the bankruptcy proceedings proving that debt counseling was provided for at least 180 days before the Chapter 13 petition by an accredited credit counseling firm.<\/span><\/p>\n If one was created by the credit counseling agency, the debtor must submit a copy of it to the court. The certificate is to be presented within 15 days of the debtor filing for bankruptcy, either with the original documents or separately.<\/span><\/p>\n There are limits on the debt amount that can be discharged through a Chapter 13 bankruptcy. Individuals who<\/span> owe less than $2,750,000<\/span><\/a> in total unsecured debt (debt that is unsecured by property, such as credit card debt and medical bills) and secured debt (debt for which a creditor can seize the property securing the obligation if it is unpaid) are eligible for Chapter 13 bankruptcy.<\/span><\/p>\n To meet the Chapter 13 requirements, you must show that you filed state and federal income tax returns for the previous four years. You must deliver a copy or transcript of your most recent federal tax return to the Chapter 13 trustee (also known as a bankruptcy trustee) no later than seven days before the first 341 hearing.<\/span><\/p>\n You must adhere to a specific procedure when submitting a <\/span>Chapter 13 bankruptcy<\/span><\/a> petition. You will be guided through the process by your lawyer. Some of these may consist of:<\/span><\/p>\n Priority, secured, and unsecured obligations are the three types of debts you will pay back under Chapter 13.<\/span><\/p>\n Are you eligible for Chapter 13 bankruptcy in Oklahoma City, OK? If you are, time is of the essence. Take action as soon as you can to get debt relief. You shouldn’t handle the bankruptcy procedure by yourself.\u00a0<\/span><\/p>\nWhy Do I Need a Chapter 13 Bankruptcy Attorney in Oklahoma?\u00a0<\/b><\/h2>\n
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What is Bankruptcy?\u00a0<\/b><\/h2>\n
Chapter 7 versus Chapter 13<\/b><\/h3>\n
Advantages of Filing Chapter 13<\/b><\/h3>\n
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Who is Eligible to File for Chapter 13 Bankruptcy?<\/b><\/h3>\n
If You’re Not a Business Entity<\/b><\/h4>\n
Previous Bankruptcy Does Not Prevent You from Filing<\/b><\/h4>\n
The Chapter 13 Case was Not Discharged after Three Months<\/b><\/h4>\n
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Completion of Credit Counseling<\/b><\/h4>\n
If Your Debts Aren’t Too High<\/b><\/h4>\n
You’ve Already Filed your Taxes<\/b><\/h4>\n
How Does Chapter 13 Bankruptcy Work?\u00a0<\/b><\/h3>\n
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What are the Various Debts I Have to Pay Back in a Chapter 13 Bankruptcy?<\/b><\/h3>\n
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Call our Chapter 13 Bankruptcy Attorney in Oklahoma Now!<\/b><\/h2>\n