Many people have terrible stories of losing their home to foreclosure. Once the bank gets going, they will stop at nothing until they have your house back. Then they will auction it off and offer nothing then charge you personally for the difference. Chapter 13 is your best weapon to stop that.
Chapter 13 bankruptcy is a debt-restructuring plan in which you create a plan that specifies how you are going to repay your creditors. This is in contrast to Chapter 7 bankruptcy, under which you can receive a complete discharge of your debt, but you may lose non-exempt assets in the process. Basically, Chapter 13 bankruptcy […]
Chapter 13 is basically a debt repayment plan approved by a federal bankruptcy court and administered by a court-appointed bankruptcy trustee. Each bankruptcy case is different, but the following information is a general summary of what you can expect under Chapter 13 bankruptcy in Oklahoma.
If you’ve received a lump-sum payment or ongoing SSI benefits and anticipate filing bankruptcy, you may need to show how much of your cash on hand resulted from Social Security payments. Because they’re exempt under bankruptcy law, it is essential to keep those funds in a separate account. Avoid commingling that income with any other money.