Debt can overtake your life due to circumstances that you cannot control. You may have been seriously injured or ill, requiring expensive medical care. You could have lost your job, or had your hours or pay at work drastically reduced.
Rather than allowing your debt to control your everyday life, threatening your finances, you can use legal and practical methods to handle it better. Here are a few reasons to consider filing for Chapter 13 bankruptcy in Tulsa, OK.
Making Monthly Payments
When you file for this type of bankruptcy, you can have all of your debts combined into a single sum that you will then pay part of each month. The most pressing of debts, such as defaulted taxes or car loans, will take priority over smaller bills like credit card debt. Nonetheless, all of your debts will be consolidated by the court.
You then will make a payment based on your income and the value of your assets. You will pay on the consolidation for up to six years, until it is paid off or the rest of your debts are discharged by the court.
Each creditor will receive a small amount of money from the payment that you make each month. They are not legally allowed to contact you or take collective action against you, such as garnishing your income. You can learn more about how to file for Chapter 13 bankruptcy in Tulsa, OK by contacting Matthew E. Riggin, PLLC.
