Events occur in a person’s life that alters their ability to repay the debts they acquire. Whether there was a financial change in their life, or the person budgeted poorly. The event can make it difficult for them to manage the monthly payments to repay their debt and lead to constant calls from debt collectors trying to obtain their payment. If the debt is not repaid this can lead to wage garnishments, repossession of property, or foreclosure on their home. With Chapter 13 bankruptcy in Norman, OK you can reconstruct your payment options to repay creditors without losing your property and the continuous harassment of debt collectors.
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy allows the individual with a steady income to create a plan that will allow them to repay or part of their debts. An attorney can help establish a repayment plan that allows their client to reimburse creditors over a 3 to 5-year period. This allows creditors to receive their payment and ends the constant calls from collection agencies. The individual can keep their possessions and prevent foreclosure with a more affordable payment plan that fits their income.
Regain Control of Your Finances Today by Consulting an Attorney
It is never easy for anyone when they are unable to repay their debts, however, life situations do happen and a solution is available when they occur. With over 25 years of experience, Joe B. Lawter Law Firm can help you find the right answer to your financial troubles. They can assist in preventing debt collectors from harassing you and help you reconstruct your finances to eliminate the stress that comes with financial problems. Consult with their legal team today to learn how they can help take back control of your finances and still retain the property you have accumulated over the years.