Oklahoma Bankruptcy HelpHow Long Will a Tulsa OK Bankruptcy Damage My Credit?
While a Tulsa OK bankruptcy provides much relief to financially overburdened Oklahomans, there are some caveats. The fact that you filed a Tulsa OK bankruptcy will indeed damage your credit rating, but it is possible to re-establish your creditworthiness.
Chapter 7 Tulsa OK Bankruptcy
Chapter 7 bankruptcy allows the total forgiveness of most debts, with a few exceptions such as recent tax bills, child support, and most federal student loans.
However, the fact that you filed Chapter 7 will be reflected on your credit report for 10 years. The good news is the reporting time frame begins on the day that you or your attorney file this type of Tulsa OK bankruptcy.
Chapter 13 Tulsa OK Bankruptcy
Chapter 13 bankruptcy creates a partial debt repayment plan. This court-supervised plan lasts for three to five years. During your Chapter 13, you cannot get new credit cards, loans, and the like without special permission. Once you are done, you may apply for new credit; however, most lenders will charge higher interest rates and some may reject your application entirely.
The day that you file a petition for Chapter 13 starts a seven-year credit reporting time frame.
Considerations
Oklahomans considering bankruptcy have likely already done considerable damage to their credit ratings. Late and missed payments, wage garnishments, lawsuits, repossessions, foreclosures, and tax liens are just some of the events commonly found on the credit reports of those who have filed a Tulsa OK bankruptcy.
While filing Chapter 7 bankruptcy legally absolves you of repaying eligible debts, it will not erase your past mistakes from your credit report. The same rule applies to Chapter 13 cases; although you are agreeing to partially repay your creditors, your past missed payments and the like will not be removed from your credit reports.
The good news is that most adverse credit events such as late payments are removed from your credit report — with or without bankruptcy — in seven years. So, if you made a car payment 35 days late in 2015, that will not show up on your credit report after 2022.
Specific questions relating to credit reports and bankruptcy should be directed to a qualified Tulsa bankruptcy attorney.
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.
