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Due to the overwhelming amount of bankruptcy questions to our firm, Atkins & Markoff would like to provide some basic information via our website. This does not constitute legal advice. Our firm does not currently handle bankruptcy issues and we cannot provide legal advice via phone calls at this time. We apologize for this inconvenience; however, we hope that the information contained in the website will answer the majority of your questions. In an effort to better serve you, you may email questions regarding bankruptcy to Mike Rose. Mr. Rose is not affiliated with Atkins & Markoff; however, he is available to answer your emails. Please email your bankruptcy related questions to Mr. Rose at: mrose@coxinet.net
Oklahoma Chapter 13 Bankruptcy
Oklahoma Chapter 13 bankruptcy is a complicated form
of financial reorganization designed to allow someone
deeply in debt to work out a payment plan to pay off
debts rather than face liquidation and foreclosure. Most
people who resort to Oklahoma Chapter 13 protection suffer
unforeseen financial situations such as illness, loss
of income, or divorce, but still have the means to work
out a reasonable timeframe to recover their finances.
There is no shame in needing help in reorganization of
debt in these trying economic times. In fact, it’s the contrary; bankruptcy is often used by multi-billionaires and international corporations to put their financial heath in order.
Under Oklahoma Chapter 13 bankruptcy protection, the debtor usually works out a 3-5 year timeline to pay off any number of debts. During this time, the Federal Government prevents creditors from seizing any property or inflicting any more debt, unless they pursue costly legal action. Although the creditor will receive less payment than if the debtor had remained solvent, creditors will often receive more money than if the courts were to liquidate the property of the debtor. Unfortunately, the mark of bankruptcy will remain on the debtor’s record for ten years, but considering the alternatives, Oklahoma Chapter 13 reorganization is often the best choice for many debtors. Unfortunately, the United States Congress recently passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 which sets out specific guidelines for bankruptcy protection, and many debtors have found they are unable to receive the help that they so desperately need.
Bankruptcy law is innately confusing and complicated. Experienced legal counsel can help you sort out the hundreds of laws and statues preventing you from receiving the protection you need. At Atkins & Markoff, we believe that everyone is entitled to the same protection, regardless of income. Let us help you protect your financial health, and together we will help you start fresh with Oklahoma Chapter 13 reorganization.
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Oklahoma attorneys at Atkins & Markoff have unsurpassed knowledge, experience, and success in getting the victims of injury and loss in Oklahoma the compensation they deserve. If you thave a legal question or think you may have a case contact us today.
