Oklahoma Bankruptcy HelpCan I Get Credit Cards After Bankruptcy in Oklahoma?

Many people in trouble with debt ask if they can get ‎credit cards after bankruptcy in Oklahoma. The answer is “yes” — but it may take time. The time frame depends on many factors, especially what type of bankruptcy you filed.

Credit Cards After Bankruptcy in Oklahoma: Chapter 7

Getting credit cards after bankruptcy in Oklahoma can be a pretty quick process if you or your attorney filed Chapter 7 for your debts. It can take four months for you to get a bankruptcy discharge; sometimes it takes a bit longer if the court system is backed up, your creditors object, or other complications arise.

However, creditors are not exactly going to be beating down your door once you legally can apply for new credit again. The fact that you filed Chapter 7 will be reflected on your credit report for 10 years; this time frame begins with the date your bankruptcy paperwork was filed.

The good news for your creditors is you can’t get another Chapter 7 bankruptcy discharge for eight years. So, if you had good credit before bankruptcy and have a steady job with a decent income, you may be able to get credit cards after bankruptcy sooner rather than later. However, you should expect to pay higher interest rates.

Credit Cards After Bankruptcy in Oklahoma: Chapter 13

The process of getting credit cards after Chapter 13 is more complicated. While you are repaying your creditors under court supervision, you cannot legally get any new credit accounts without a court trustee’s permission. Such permission would be a possibility for secured loans such as a mortgage or a motor vehicle; do not count on such permission for credit cards.

Since it takes three to five years to complete a Chapter 13 repayment plan, you probably are not going to get any credit cards until after that plan is finished. The good news is the fact you filed Chapter 13 only impacts your credit rating for seven years from the date the paperwork was submitted.

Creditors tend to view Chapter 13 more favorably, as they received at least part of what they were owed. However, you are still a credit risk and may pay accordingly through higher interest rates than those to which you may be accustomed.

How We Can Help You

Our mission at Financial Freedom Bankruptcy Lawyers of Tulsa is to provide you the information and legal representation you need to climb out of debt and get back onto solid financial ground.

And with a discharge of your debt, you can often rebuild your credit rating much more quickly. When your debt exceeds your earnings and the value of disposable assets, it is time to consider how you could benefit from bankruptcy.

Every person’s financial situation is unique. So while bankruptcy tools are standardized, an experienced attorney can help guide you through the process so that you get the best possible debt relief for you.

Likewise, your Tulsa bankruptcy attorney can help you retain the assets that are important to you. You have worked hard for your home. You don’t want to lose it to debt.

Bankruptcy law and its forms are complicated, and mistakes will cost you. It is important to get the forms right the first time.

Your attorney can help you understand the process and what debts you will likely be required to pay, which debts are secured with collateral, and what property is exempt.

Because we have worked with so many clients, we know how to do the filings right and how to make the process efficient. Our goal is to make affordable debt relief in Tulsa available to anyone who needs to get out from under debt and back on top of their financial life.

Get out from under by calling for the help you need today. We are here to help.

Free Bankruptcy Planning: Tulsa Bankruptcy Lawyer

To get the best possible outcome in your case, you will need to set expectations for yourself and also understand your attorney’s expectations of you.

To receive your free initial bankruptcy analysis, call Financial Freedom Bankruptcy Lawyers of Tulsa today at 918-786-9600.