Falling behind in paying your bills is not that uncommon. This happens even to the most financially-savvy people now and then. This only turns into a problem when the unpaid bills start to snowball. Before you know it, you\u2019re already dealing with a mountain of credit card debt without any means to repay creditors. <\/span>When this happens, one possible way out would be through Chapter 7 or Chapter 13 <\/b>bankruptcy filing<\/b><\/a>.<\/b> So, it begs the question: what are the differences between Chapter 7 and Chapter 13 bankruptcy?<\/span><\/p>\n The Bankruptcy Code defines bankruptcy as a federal legal process by the United States government allowing debtors to get back on track financially. This means that going through bankruptcy provides an individual or group with a safe way to attain debt relief. <\/span>However, not all financial obligations can be erased even after a bankruptcy petition.<\/b> This is why good debtor education from an experienced Oklahoma bankruptcy attorney is necessary to stay out of debt long-term.<\/span><\/p>\n Are you looking for reliable legal advice about filing for bankruptcy, what happens during and after bankruptcy, and the differences between Chapter 7 and Chapter 13? If yes, <\/span>schedule an appointment<\/span><\/a> with Scott Harris Law, PLLC, and receive a <\/span>FREE CONSULTATION<\/b> from a skilled OKC bankruptcy lawyer today!<\/span><\/p>\n <\/p>\n Having a skilled Oklahoma bankruptcy lawyer is a huge advantage if you\u2019re trying to clear your debt. A bankruptcy attorney with intimate knowledge of Oklahoma bankruptcy law and experience in various situations will also ensure your bankruptcy case gets processed correctly.<\/span><\/p>\n Aside from his skills and solid reputation, Atty. Scott Harris is well aware that every OKC debtor needs the following qualities in a legal representative:<\/span><\/p>\n Call our law office today<\/span><\/a> if you need legal assistance with the bankruptcy process.<\/span> Getting help from a skilled Oklahoma bankruptcy attorney might be the way to get back on track financially!<\/b><\/p>\n <\/p>\n The steps to follow when filing for bankruptcy vary depending on what chapter you\u2019re petitioning for.<\/b> The needed documents and the bankruptcy forms you must fill out will also be distinct. If you\u2019ve already filed for bankruptcy under a specific chapter, there are separate processes to convert to a different chapter (e.g., converting Chapter 7 to Chapter 13).<\/span><\/p>\n But regardless of what type of bankruptcy filing you choose, you must comply with the following eligibility requirements barring any exceptions:<\/span><\/p>\n Speak to your OKC bankruptcy attorney to check if you qualify for an exception to comply with the requirements above.<\/span><\/p>\n <\/p>\n The process of a <\/span>Chapter 7 bankruptcy<\/span><\/a> case involves <\/span>gathering and selling most of your non-exempt property<\/b> (assets not covered by bankruptcy exemptions).<\/b> In exchange, most (or all) of your debt, for which collateral has not been pledged, would be erased.<\/span><\/p>\n \u00a0<\/span>Examples of exempt property include your <\/span>social security<\/b>, <\/span>house<\/b>, <\/span>car<\/b>, <\/span>and some personal items<\/b>. For this reason, knowing which of your assets are eligible for bankruptcy protection is extremely important before putting in the paperwork for a Chapter 7 petition.<\/span><\/p>\n \u00a0<\/span>To qualify for filing Chapter 7 bankruptcy, you must pass a means test to determine if your monthly income is low enough compared with Oklahoma\u2019s median income. You can only file for Chapter 7 if your income meets this criterion.<\/b><\/p>\n <\/p>\n The procedure for a <\/span>Chapter 13 bankruptcy case<\/span><\/a> allows you to keep most or all your property. However, <\/span>you will be required to pay your creditors monthly within a certain amount of time<\/b> or until you\u2019ve finished repaying all your debts.<\/b><\/p>\n When choosing to file for Chapter 13, having a regular source of funds gives you a better chance of paying off your debts within the set period. The minimum amount required to pay monthly will depend on your income, debt, and how much each unsecured creditor would receive if you filed for Chapter 7 instead.<\/span><\/p>\n How does one become eligible for Chapter 13? <\/span>Your unsecured debt must not exceed $465,275, and your secured debt should not be $1,395,875 from April 1, 2022, through March 31, 2025<\/b>.\u00a0<\/span><\/p>\n <\/p>\n The table below provides a brief overview of the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy.\u00a0<\/span><\/p>\n What you see here should give you an answer to \u2018What are the differences between Chapter 7 and Chapter 13 bankruptcy?\u2019 and help you decide which one is better for you.<\/span><\/p>\n <\/p>\nWhy Do I Need an Oklahoma City Bankruptcy Attorney?<\/b><\/h2>\n
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How Do I File for Bankruptcy?<\/b><\/h2>\n
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What is Chapter 7 Bankruptcy?<\/b><\/h2>\n
What is Chapter 13 Bankruptcy?<\/b><\/h2>\n
The Differences Between Chapter 7 and Chapter 13 Bankruptcy<\/b><\/h3>\n