Oklahoma Bankruptcy HelpHow Are Oklahoma Bankruptcy and Credit Scores Intertwined?
We all know in the abstract that bankruptcy hurts our credit scores, even in Oklahoma. And while we may not want to know just how much it will hurt when we are in the throes of a bankruptcy, it is always better to know. Then you can know how to go about repairing your credit rating once the bankruptcy is complete.
Chapter 13 Bankruptcy: Impact on Your Credit Scores
Your Chapter 13 bankruptcy will appear on your credit report for seven years from the date of filing for bankruptcy. Most of that time you will be involved in a repayment plan and cannot obtain a new credit account without the bankruptcy judge’s permission.
So, while the bankruptcy appears on your credit report, you won’t feel the impact for a while.
Chapter 7 or 11 Bankruptcy: Impact on Your Credit Score
If you qualify for Chapter 7 relief, the good news is that you will most likely obtain a full discharge of all of your debts in a short period of time. The bad news is that this bankruptcy will take 10 years to fall off your credit report.
Chapter 11 bankruptcy also affects your credit rating for a full 10 years.
Rebuilding Credit After a Bankruptcy
Regardless of the type of bankruptcy proceeding you are involved in, there are things you can do to repair the damage done to your credit scores. The damage to your credit rating will fade with time.
Some lenders look more kindly on debtors who file and complete a reorganization plan than a liquidation plan. Be sure and ask if you are a debtor who has filed for reorganization.
It is possible to begin rebuilding credit immediately after the discharge. A secured credit card and on-time payments are important elements of that process. Remember to take steps not to get yourself into the same situation again: Live within your means, pay bills on time, create a budget, and include an emergency fund.
Bring your questions to an experienced Tulsa bankruptcy attorney.
Free Bankruptcy Planning: Tulsa Bankruptcy Lawyer
To get the best possible outcome in your bankruptcy case, you will need to set expectations for yourself, and also understand your attorney’s expectations of you.
If you’re ready to file, contact a Tulsa bankruptcy attorney at the Freedom Financial Bankruptcy Lawyers of Tulsa as soon as possible.
To receive your free initial bankruptcy analysis, call the Freedom Financial Bankruptcy Lawyers of Tulsa today at (918) 786-9600.
Tags: effect of bankruptcy on credit scores in Oklahoma, Tulsa Oklahoma bankruptcy attorneys
