In tulsa bankcruptcy, Chapter 13 bankruptcy has more limitations compared to Chapter 7 bankruptcy. It is an adjustment created for individuals and individuals only to be able to pay off their debts. In hiring tulsa bankruptcy attorneys, you must be ready to cooperate with them.
Certain qualifications for Chapter 13 bankruptcy are as follows:
Able to present statement of income
Must have a property or properties in the United States
Must have disposable income in order to pay off debts
Must be an individual
Unsecured debts do not exceed $307,675
Secured debts do not exceed $922, 975
Must be able to attend all court hearing
Must have received credit counselling previous to application
When you are able to meet all the qualifications needed, you can apply for Chapter 13 bankruptcy. Your application, with help from tulsa bankruptcy lawyers, is subject to the approval of the bankruptcy judge. Once the approval of the judge has been given, you must be able to meet the plan given to you. Should you fail to meet the plan, your application for bankruptcy will be revoked. These qualifications are set for the judges to have a standard in choosing who will or will not be granted Chapter 13 bankruptcy.
By applying for Chapter 13 bankruptcy, you are agreeing that your debts will not be cleared nor diminished. You are only granted by the court an extended period of time in which you will clear your debts. This should all be explained to you by bankruptcy lawyers in tulsa.
