Chapter 13

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Chapter 13 Bankruptcy Attorney In Norman, Oklahoma

About Chapter 13 Bankruptcy

Chapter 13 bankruptcy is the other common option for helping consumers in difficult financial situations. This option allows you to keep all of your assets, both secured and unsecured, as long as you are able to resume making payments after the bankruptcy. Having this option makes it an ideal choice for those who have fallen behind on house payments, car payments, or other debts, and just need some help getting caught up.


Do I Qualify?

In order to qualify for Chapter 13, you must:

  • Have less than $336,900 in unsecured debt, which includes medical bills, credit cards, and personal loans.
  • The total secured debt, which would include mortgages and car loans, must be under $1,010,350.


Contact Law Offices of B. David Sisson to schedule a consultation with a lawyer today. 405-977-3201

Can I Keep My House? My Car?

During the bankruptcy process, the courts will work with you and your creditors to come up with a reasonable repayment plan. These plans can last up to five years. At the end of the repayment plan, most types of unsecured debt will be discharged. Secured debts will remain, and you can begin making payments directly to the creditor rather than through the courts.

What Happens During a Chapter 13 Proceeding?

Firstly, it will be necessary to establish your eligibility via the means test as previously mentioned. If you qualify, filing for a Chapter 13 bankruptcy will put an end to foreclosures, wage garnishments, repossessions, lawsuits, or other creditor disturbances. With the guidance from David Sisson, you'll be assisted to develop an approved payment scheme. The court's approval relies on your plan being proposed in good faith, and the assurance that your unsecured creditors will receive an amount no less than what a Chapter 7 filing would yield. Furthermore, your payments should efficiently utilize all of your disposable income, which includes all income not dedicated to your maintenance and support. It might be a complex process, but David Sisson promises to navigate the complexities with you, ensuring a successful outcome. To commence the process, reach out to David Sisson's office in Norman, Oklahoma today.

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Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.

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