Chapter 12 Bankruptcy in Tulsa, OK
Chapter 12 is for family farmers only. It is a hybrid of chapters 13 and 11 with special features of its own. You make payments on a plan through a trustee. Chapter 12 may be best for you if you have:
- A farm or ranch
- A desire to continue operating a business that a chapter 7
trustee would shut down
- A need to pay annually or semi-annually
- Debt exceeding chapter 13 limits
- Assets that a chapter 7 trustee would take away
- A home mortgage whose interest, payments, or term you need to
- Notes secured by land, equipment, crops or livestock that you
need to stretch longer than five years
For more information or to find out if Chapter 12 bankruptcy is right for you, call Huckabee & Huckabee today!
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- JD, University Of Oklahoma Law School
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