Chapter 7

Filing for Chapter 7 Due to Credit Card Debt in Tulsa, Oklahoma

If you are feeling overwhelmed by credit card debt, you are not alone. The 2010 U.S. Census Bureau predicted that Americans' credit card debt would increase from $858 billion to approximately $1.177 trillion by the end of 2011. Greggory Colpitts is Tulsa's bankruptcy lawyer. Our firm understands the stress that collection calls and unpaid bills can place on you and your family. We take great pride in offering the best advice for your specific situation.

Credit card debt is unsecured by collateral, and it can often be completely eliminated through the Oklahoma Chapter 7 bankruptcy process. It may also be reduced by simply contacting the credit card company and asking them to work out a payment arrangement with you. Many credit-card companies are willing to work with you rather than risk losing the opportunity for repayment should you decide to file for bankruptcy. You may also decide to arrange to repay your credit card debt by working with a reputable debt relief organization, or a debt relief attorney. Keep in mind; however, that if you do settle a credit card debt for less than the owed amount, you may be subject to pay taxes on the amount you did not have to repay. Colpitts' credit card debt attorney will help evaluate and advise you as to your best debt relief plan.

Call us at 918-236-8385 to arrange an initial consultation and find out what we can do for you. Or contact our Tulsa Chapter 7 bankruptcy lawyers by e-mail.

Trustee Appointed to Oversee Sell of Your Assets

In filing for Chapter 7 bankruptcy, a court-appointed trustee is assigned to your case and will require you to turn over any non-exempt assets to be liquidated and sold to pay your debtors. The trustee is given a commission for overseeing this process.

In most Chapter 7 bankruptcies, by volunteering to sign a "Reaffirmation Agreement," you may reaffirm (state your desire to repay, and demonstrate the ability to do so) certain debts if you desire to retain ownership of the property such as your home, car(s), and furniture for which you are still making payments.

Exemptions from Bankruptcy Relief

While Chapter 7 bankruptcy will completely wipe out a large portion of your debt, it is important to remember that you will still be responsible for:

  • Alimony payments
  • Child support
  • Criminal fines and restitution fees per a court order
  • Student loans
  • Certain taxes

Contact The Colpitts Law Firm in Tulsa, Oklahoma to discuss your options and filing Chapter 7 bankruptcy today. Greggory T. Colpitts is the attorney that wants to help you determine your best options.