Oklahoma City Chapter 13 Bankruptcy Lawyer
Struggling With Debt? You Have Options!
At Alexander Hilton & Associates, our Oklahoma City Chapter 13 bankruptcy attorney completely understands how much pressure you are under when struggling with unpaid debts. The good news is that you don't have to work through this alone. We don't judge or critique. We strive to provide realistic and affordable solutions.
Simply put, we are good at what we do and we want to help you. Whether you are trying to pay off credit card debt, or other personal debts, we are here to help guide you through the process and help you select the appropriate debt-relief option that can help you live debt-free.
Why File for Chapter 13 Bankruptcy?
Chapter 13 is useful to those who are behind on mortgage or auto payments, facing foreclosure or repossession. Although they have a good income, they cannot catch up on missed payments. Chapter 13 allows them to keep their house or car and to make up the missed payments over 3-to-5 years.
Chapter 13 is also useful to those who have already filed a Chapter 7 bankruptcy within the previous 8 years. Although they are not eligible to file another Chapter 7 for 8 years, they can file a Chapter 13 at any time and get the court protection they need until they are eligible again.
Chapter 13 is an excellent bankruptcy alternative for persons whose household income is substantially above the means test limits. They receive all the court protections from collections afforded Chapter 7 debtors with the opportunity to pay off their debts at a negotiated rate over 60 months. Credit card debts and unsecured loans are paid at 0% interest and, in many cases, do not have to be paid at all.
Benefits of Chapter 13 Bankruptcy in Oklahoma
Other Chapter 13 Benefits to Consider:
- Can help put an immediate stop to collection attempts by creditors.
- Can help put a stop to foreclosure or repossessions.
- Can help you avoid any wage garnishments.
- Can help you keep your property or assets while you pay off your debts.
- Can help protect any co-signers who have signed for your property.
Chapter 13 Automatic Stays
After filing for Chapter 13 bankruptcy, an automatic stay is issued by the United States Bankruptcy Court. An automatic stay temporarily blocks most collection actions against debtors who file bankruptcy in the United States. The stay is to give debtors momentary relief and protect their assets like their homes and vehicles while they work out a repayment plan or liquidate their assets to pay off creditors. Typically in Chapter 13, an automatic stay can last up to 63 months.
Helpful Chapter 13 Bankruptcy Resources
Who is Eligible for Chapter 13?
Not everyone can file for Chapter 13 bankruptcy.
Below, we go over the Chapter 13 eligibility requirements:
- You must be current in your income tax filings.
- You must have enough disposable income to make your Chapter 13 payments and live comfortably.
- Your debts must not exceed specific amounts.
If you own a business, make sure to speak with a Chapter 13 attorney in Oklahoma City for more guidance.
Is Chapter 13 Bankruptcy Right for You?
While Chapter 13 bankruptcy can be a helpful solution for many individuals struggling with debt, it's important to consider all your options before making a decision. At Alexander Hilton & Associates, our experienced Oklahoma City bankruptcy lawyers can help you explore alternatives to Chapter 13 bankruptcy to ensure you choose the best path for your financial situation.
Some alternatives to Chapter 13 bankruptcy include:
- Debt consolidation: Consolidating your debts into a single loan with a lower interest rate can make it easier to manage your payments.
- Debt settlement: Negotiating with your creditors to settle your debts for less than the full amount owed can provide relief and potentially save you money.
- Credit counseling: Working with a credit counselor can help you create a budget, manage your debts, and develop a repayment plan.
- Debt management plan: A debt management plan allows you to make affordable monthly payments to a credit counseling agency, which then distributes the funds to your creditors.
Our knowledgeable team can assess your financial situation and guide you through the options available to you. We understand that every case is unique, and we are committed to finding the best solution for your specific needs.
Contact Alexander Hilton & Associates today to schedule a free initial consultation and take the first step toward financial freedom.
Representation from a law firm with one of the highest client satisfaction ratings in the state.
Personalized attention from start to finish.
Affordable Chapter 7 bankruptcy payment options.
Evening and weekend appointment availability.
What is Chapter 13 Cram Down?
If you financed a car or truck more than 910 days before the Bankruptcy, and are upside-down on the loan, Chapter 13 allows you to either:
- A) walk away from the vehicle without paying
- Or B) “Cram Down” the loan debt to the present fair market value of the vehicle
In this way, you pay only the current fair market value of the vehicle and can stretch the remaining payments over 60 months. The cram down feature can save “mucho dinero” on car payments.
Helping Consumers Leave Debt Behind for Decades
Our Oklahoma City Chapter 13 bankruptcy lawyer can listen to all of your concerns. We would be happy to address your questions accordingly so that you can make informed decisions that not only brighten your financial future but also give you well-deserved peace of mind.
Important Questions to Ask Yourself Before Filing for Chapter 13
Before making the decision to file for Chapter 13, we can help answer all of your questions, such as the following:
Repay Your Debts by Creating an Effective Plan
Chapter 13 bankruptcy can be ideal for many consumer debtors because it allows them the option to repay their debts in affordable installments. Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy actually gives debtors the opportunity to pay back their debts gradually, over a set period of time (typically between 3 to 5 years).
This specific type of bankruptcy protection is often only afforded to consumer debtors who have the financial means or regular income needed to pay back their debts over time. If you are considering filing for Chapter 13, the courts will require that you prove your financial ability to maintain your monthly payments stated in your unique debt repayment plan.
Though it is true that bankruptcy can remain on a credit report for up to 10 years, do not let this hinder you from getting the legal help you need at this time. With the appropriate legal guidance and support, you can repair your credit and begin applying for loans in no time!
Reap the Benefits of Working with Our Qualified Professionals
- We know the Federal Laws and how to apply the laws to your benefit.
- We offer a way out from the burden of any type or amount of debt – no case is too complex.
- We have helped hundreds of clients and understand the complexities involved with all types of situations.
- We go above and beyond and have earned some of the state's highest client satisfaction ratings.
- We cater to the needs of our clients, offering affordable pricing and free consultations.
Speak With a Chapter 13 Lawyer in Oklahoma City Today
Do not assume you have to go through this difficult chapter in your life on your own, and most importantly, do not assume your financial matter is completely helpless. With the assistance of a seasoned and skilled legal professional, you can have access to the information and resources you need to regain your footing.
When your financial well-being is at stake, why would you risk putting your case in the hands of an inexperienced lawyer? We have been committed to protecting the rights and interests of consumers throughout the state. Our proven history of results, satisfied clients, and professional accolades all serve as further proof that we can help you.
Don't take our word for it. Hear from some of our past clients:
- "Alex Hilton was there for us when we needed an attorney with integrity. He did not make us feel badly about our situation and encouraged us to walk with our heads up." – Erika D.
- "I had been 'taken' and 'financially' destroyed by a previous bankruptcy attorney. A few simple phone calls and e-mails (always from him - personally!) - and we were well on our way to winning the case. In a matter of weeks he completely reversed my damages and I was on the road to recovery!" – Edmond V.
- "He helped me with all my legal stuff and gave me back my life that I use to have. I would like to take the time to thank him over and over again for the help!" – Anonymous