What is a Chapter 13 Bankruptcy?

by Paul R. Tom Basic Bankruptcy Information

Chapter 13 is a type of federal bankruptcy proceeding available to individuals and sole proprietorship businesses used to reorganize or eliminate debt. You file a repayment plan with the bankruptcy court that provides for you to pay all, or a percentage, of your debts, usually over a three to five year period. The repayment plan, also called the “Chapter 13 … Read More

Common Bankruptcy Terms

by Paul R. Tom Basic Bankruptcy Information, Myths and FAQs

The “Means Test” Here’s a simple explanation of how the means test, or whether or not your bankruptcy case will be allowed by the courts, works: If your family’s gross income is below Oklahoma’s published median income for your size of family, then the means test does not apply to you and your bankruptcy filing will not be challenged as a substantial … Read More

When is a Chapter 13 Bankruptcy Preferable to a Chapter 7 Bankruptcy?

by Paul R. Tom Basic Bankruptcy Information, News, Updates, Law Changes

Chapter 13 is usually preferable to a Chapter 7 when you need or want to reorganize and repay your debts. Examples include preventing repossession of your car, foreclosure of your home, taxes, fines, restitution, student loans, and child support delinquencies, as well as getting your driver’s license back. When your home is set for foreclosure sale because you are behind … Read More