Oklahoma Bankruptcy HelpWhat Types Of Debts Can Be Discharged In Oklahoma Bankruptcy?

A Tulsa, Oklahoma bankruptcy discharges a number of your personal debts, including some you might not have imagined. Read on to learn more about what types of debts can be discharged in Oklahoma bankruptcy.

Credit Card Debts Can Be Discharged In Oklahoma Bankruptcy

Your credit card debts can be discharged in Oklahoma bankruptcy. This means you will not have to repay the debt at all in Chapter 7. Also, you will pay a reduced amount in an Oklahoma Chapter 13.

However, a couple of caveats can apply depending on your situation.

If you charged up credit cards knowing that you were going to file bankruptcy — and one of your creditors can prove it — you cannot include those debts in your case.

The same rule applies if you lied about something like your income in order to get credit.

Also, you could be prosecuted for bankruptcy fraud depending on the situation. In this case, a Tulsa bankruptcy attorney is in the best position to advise you.

Medical Bills

Your medical bills can be discharged in Oklahoma bankruptcy.

Unsecured Aka Personal Or Signature Loans

Unsecured loans, lines of credit, and the like can be discharged in Oklahoma bankruptcy.

However, most student loans cannot be reduced or eliminated through a Tulsa bankruptcy.

Part Of Secured Loans Can Be Discharged In Oklahoma Bankruptcy

Most people believe you cannot discharge debts such as motor vehicle loans. While it’s true that you’ll never walk away with a car and no debt, part of a secured loan may be eligible for a bankruptcy discharge.

For example, say you owe $10,000 on a motor vehicle loan. However, the car is worth only $5,000.

A Chapter 7 bankruptcy can reduce that debt to the actual value of the collateral — saving you money and the vehicle. Also, it may be possible to do this in an Oklahoma Chapter 13 case.

So, sometimes you can work out payment arrangements and “reaffirm” a secured debt. Seek the help of a qualified Tulsa bankruptcy attorney to discuss whether this is right for your financial situation.

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.

Low-cost 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 low-cost initial bankruptcy analysis, call Financial Freedom Bankruptcy Lawyers of Tulsa today at 918-786-9600.