Oklahoma Bankruptcy HelpCan I Get Credit Cards After Bankruptcy in Oklahoma?
Getting credit cards after bankruptcy in Oklahoma is not as easy as some television and newspaper ads would like you to believe. However, it is probable you can get credit cards after bankruptcy in Tulsa. Patience and flexibility are required.
Credit Cards After Bankruptcy: The Basics
Whether you can get credit cards after bankruptcy depends on several factors, including:
- whether you filed Chapter 7 (debt liquidation) or Chapter 13 (debt repayment plan);
- the length of time that has passed since you filed a Tulsa bankruptcy case;
- your credit history before you got in financial trouble;
- how long you have been at your job;
- your annual income level; and
- whether you own assets such as a house or a motor vehicle.
Chapter 7 vs. Chapter 13
If you’ve received a Chapter 7 discharge, you can start applying for credit cards right away. However, many lenders will charge you higher interest rates. In addition, some will reject you outright — especially if you had a long history of delinquent payments before filing an Oklahoma bankruptcy.
Your bankruptcy case will remain on your credit report for 10 years from the date you filed Chapter 7.
However, a Chapter 13 case remains on your credit report for seven years from the filing date.
If you are currently in a Chapter 13 plan, you cannot legally get new credit without the court’s permission. Permission is rare, and typically given only for necessities such as a new vehicle.
Once you are done repaying your creditors, your finances are once again your business. You can apply for credit cards, but keep in mind that you will pay higher interest rates to offset the lender’s risk. The good news is financial institutions usually view Chapter 13 much more favorably than Chapter 7.
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 Tulsa bankruptcy 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.
