Oklahoma Bankruptcy Laws provide unique provisions while filing for bankruptcy.
Chapter 13 allows a petitioner to file a plan.
This plan should detail payments of certain past dues, current debts, and other debts over 3-5 years.
Chapter 13 bankruptcy can be considered in cases where a home is owned,
but there is a risk of losing it due to money problems.
It can be also resorted when debts are required to be cleared off within a certain time frame.
Bankruptcy under Oklahoma Bankruptcy Laws
- Chapter 7; – “Straight Bankruptcy”.
The debtor is required to give up specific property exceeding certain limits to sell to make an excellent certain creditor’s payment.
- Chapter 11; – “reorganization”.
It is reported in case of huge debts- in case of individual debtors and certain businesses.
- Chapter 12; – “family farmers”.
It is prima facie designed for enabling the homemaker to protect his debts effectively.
- Chapter 13; – “debt adjustment”.
It requires the debtor to file a debt payment plan detailing payments from current income.
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Why we see repeat bankruptcy cases in Chapter 11
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