Bankruptcy and Credit Cards in Oklahoma

by Meagan Kania on May 20, 2011

Can I keep some of my credit cards when I file a chapter 7 Ok. Bankruptcy?

This question is asked by so many of my clients filing bankruptcy that it warrants a short blog on the matter.  The long and the short is that regardless of if you have a good relationship with that particular credit card company,  when you file your bankruptcy, in the petition you have to list all the unsecured creditors that you owe money to.  Once they are listed as unsecured credit holders the Oklahoma Bankruptcy Court will discharge any debt you owe to them regardless of if you owe them a late balance or not.  Only in those instances that you have security on the debt are you able to reaffirm the debt in your original petition.

I tell most of my clients that at the conclusion of the chapter 7 bankruptcy you can approach many credit card company’s and agree to a secured credit card.  This will allow you to get a credit card sooner rather but be careful as many of the same firms will charge an interest rate that is near ridiculous.

If you would like an immediate free consultation with one of our Oklahoma Bankruptcy lawyers just call or email and we will answer your bankruptcy questions.

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