Chapter 13 Enid Bankruptcy Lawyer | Reorganization Attorneys in Enid

Garfield County Ch. 13 bankruptcy law will provide financial help to reorganize your secured and unsecured debts. Call an Enid Chapter 13 Bankruptcy Attorney for a free initial consultation.Chapter 13 Bankruptcy is referred to as a “reorganization” bankruptcy. This type of bankruptcy is similar to a debt consolidation plan and normally takes several years to complete before you receive a bankruptcy discharge (debt forgiveness). In an Enid Ch. 13 bankruptcy, you will make payments to the Chapter 13 Trustee who will then make payments to your creditors pursuant to a plan you proposed and had approved by the Enid Bankruptcy Court.

Your personal debts will mostly be made up of "secured" and "unsecured" debts. The bankruptcy code handles them differently. In a Garfield County Ch. 13 bankruptcy, you can choose to continue to make payments on "secured" debts for property that you want to keep.

Examples of typical Garfield County businesses where you might have entered into a "secured" loan agreement include:

 

Mortgages:

Chitwood Tami M
1021 West Cherry Avenue, Enid, OK
(580) 554-0608

Bank of the West
701 West Broadway Avenue, Enid, OK
(580) 233-3200

Liberty Federal Savings Bank
401 West Broadway Avenue, Enid, OK
(580) 234-5313

Harley-Davidson Dealers

Cycle Ward
319 N Independence Street, Enid, OK
(580) 237-6933

Rainbow Sports Inc
2610 West Owen K Garriott Road, Enid, OK
(580) 242-3240

Car Loans:

Bell Finance
111 West Owen K Garriott Road, Enid, OK
(580) 237-6521

Northcutt Chevrolet-Buick Co.
3201 West Owen K Garriott Road, Enid, OK
(580) 234-5171

Jewelry Stores:

Jackson Diamond Jewelers
205 West Randolph Avenue, Enid, OK
(580) 237-5050

Zales
4125 W Owen K Garriott, Enid, OK
(580) 242-5600

 

When you file Chapter 13 bankruptcy in Enid, you have the option to "surrender" secured property and owe nothing on it. When you surrender property in a bankruptcy case, you will not incur the same tax liability that you might incur if you return property to a creditor outside of bankruptcy.

There is no means test for chapter 13 like you have to pass to qualify for Ch. 7 bankruptcy. There will be a calculation of your 'disposable income' which will influence how much is paid to all of your creditors, including "unsecured" creditors. There is also a "liquidation test" required in order to qualify for a Chapter 13 bankruptcy. This basically requires that unsecured creditors receive more from the debtor in a Chapter 13 case than they would have in a Chapter 7 case. Your Enid Bankruptcy Lawyer will examine these calculations for you and provide you with advice about the chapter(s) for which you will qualify.

Examples of Enid area businesses where you pay by credit card or open a credit line and incur "unsecured" debts:

Shopping Malls

Dillard's: Oakwood Mall
4125 West Owen K Garriott Road, Enid, OK
(580) 237-298

Heritage Hills Shopping Center
2302 West Willow Road, Enid, OK
(580) 237-4838

Willow Plaza
2311 West Willow Road, Enid, OK
(580) 234-1000

Cell Phones:

AT&T
2401 W Owen K Garriott Road, Suite A, Enid, OK
(580) 242-2576

Pioneer Cellular
822 West Randolph Avenue, Enid, OK
(580) 237-2355

Radio Shack
Oakwood Mall-unit F5, 4125 W Owen K Garriott Road, Enid, OK
(580) 242-2888

Some of America's Favorite Stores:

Atwoods
5418 W Owen K Garriott Road, Enid, OK
(580) 233-3700

Karsten Creek Golf Club
1800 South Memorial Drive, Stillwater, OK
(405) 743-1658

Freddy's Frozen Custard
624 West Owen K Garriott Road, Enid, OK
(580) 234-1514

Pizza Hut
1616 South Main Street, Kingfisher, OK
(405) 375-5749

Restaurants:

Callahan's Pub & Grille
220 N Independence Street, Enid, OK
(580) 242-7299

On the Sidewalk Bar & Grill
114 West Randolph Avenue, Enid, OK
(580) 234-3050

Panevino
124 West Randolph Avenue, Enid, OK
(580) 237-8488

In Enid, Oklahoma, there are many places to run up your credit. Contact an Enid Ch. 13 Bankruptcy Law Firm to learn how you can reorganize your debt and eliminate this stress from your life.

It is possible that some of your purchases from these business might actually be secured debts instead of unsecured debts. Your Enid Chapter 13 Bankruptcy Lawyer will review your debts and help you identify what is secured and what is unsecured.

Your Enid, Oklahoma, Mortgage and Foreclosure Attorney will explain how a Ch. 13 bankruptcy can help you keep your home.Depending on your personal debt and financial circumstances, there are advantages to filing a chapter 13 bankruptcy in the Oklahoma Bankruptcy Court. While both chapter 7 and chapter 13 bankruptcies allow you to reaffirm your secured debts and continue making payments, Ch. 13 also has the advantage of letting you catch up on past due payments by spreading them over several years. This can include late payments for your mortgage, car loans, and even taxes! Your Enid Bankruptcy Attorney will give you the information on bankruptcy so you understand the advantages of Ch. 13 bankruptcy.

Oklahoma Mortgage and Foreclosure Lawyer

If you're behind on your mortgage payments, you have regular income, and want to keep your house, a chapter 13 bankruptcy might be the right answer. A chapter 13 bankruptcy will allow you to spread your past due mortgage payments over 3 to 5 years and consolidate some of your other bills as well.

Prior to bankruptcy, you might have difficulty getting your mortgage company or bank to discuss a loan modification or payment plan with you. As soon as you file bankruptcy, not only does your mortgage company or bank have to stop foreclosure proceedings, but they will be required to communicate with your Enid Ch. 13 Bankruptcy Law Firm to discuss options for resolving your mortgage delinquencies.

Information about mortgages and mortgage payments is available by visiting the FTC's website.

Remember, you may live in any of these neighborhoods in Enid, but mortgage trouble and foreclosures exist in all of them and shows no preference.

Enid Neighborhoods

Blanton
Lahoma
Van Buren Street
North Enid
Southgate Road
Van Buren Street
Breckinridge
Owen K Garriott Road
City Center
Owen K Garriott Road

 

Many people avoid filing for bankruptcy because they are concerned about the stigma of going bankrupt. But filing bankruptcy can provide the financial help you need to get out of debt. Let an Enid Ch. 13 Bankruptcy Attorney show you to to deal with your financial problems and get debt relief.

The Chapter 13 Plan

The main element of a Chapter 13 Bankruptcy is the Plan. An experienced Garfield County Bankruptcy Attorney will work with you to calculate all the debts that will be paid in the plan, plus the trustee's fee, attorney's fees, and applicable interest. All of this information is included in your proposed Chapter 13 Plan and submitted to the Bankruptcy Court for approval.

A confirmation hearing will be held. The trustee and/or some of the creditors may object to the plan. Most of these negotiations will take place prior to the confirmation hearing; your Enid Bankruptcy Lawyer will negotiate on your behalf with the Trustee and the creditors to formulate a plan that will not be objected to by them. You will likely have to modify your original proposed plan.

The bankruptcy judge will have the final say as to whether or not your proposed plan is confirmed, even if there are still objections. A confirmed plan will bind the debtor and each creditor to payment plan set forth in the plan. Chapter 13 plans usually run from 36 to 60 months. At such time as a debtor has made all payments required under the plan and fulfilled all other obligations set forth in the plan, the court will grant a discharge to the debtor of all debts (as provided for in the plan).

There are many circumstances that can arise during the three to five years of a Chapter 13 plan: job loss, job promotion, marriage, divorce, new children, grown children going to college, etc. Chapter 13 plans can be modified during the course of the plan. Your Enid Bankruptcy Lawyer will advise and assist you as these life situations occur.

Enid Debt Relief Lawyers serve the Garfield County and Surrounding Areas

Serving clients throughout northern Oklahoma, including Alva, Bartlesville, Blackwell, Broken Arrow, Buffalo, Cushing, Enid, Fairview, Guthrie, Muskogee, Okeene, Oklahoma City, Ponca City, Stillwater, Taloga, Tonkawa, Tulsa, Weatherford, Woodward, and other communities in Boulder County, Grand County, Jackson County, Larimer County, and Weld County.

Contact an Enid Chapter 13 Bankruptcy Attorney for a free initial consultation.