Bankruptcy You Have Options. The Colpitts Law Firm is Here to Help You.

Tulsa Bankruptcy Attorneys

Experienced Bankruptcy Lawyer in Oklahoma

Financial hardship is something that anyone can face. Regardless of background, education, or current income, people from all walks of life can experience difficulty staying afloat amid mounting debts. Accumulating debt can leave individuals longing for a way out.

If this describes your current situation, The Colpitts Law Firm can help you evaluate options for addressing your debt. With 25+ years of combined experience and thousands of cases handled, our board-certified bankruptcy attorneys guide Oklahomans through the complicated process of filing bankruptcy.

Our dedicated team of bankruptcy lawyers in Oklahoma is committed to helping our clients pursue a new financial beginning.

For compassionate help with your financial hardship, call our experienced bankruptcy attorneys at (918) 302-2662.

Is Bankruptcy the Right Choice for You?

There are several factors to consider when determining whether you should file for bankruptcy. One of the key factors in this decision-making process is ascertaining whether your debt can be discharged if you file bankruptcy. Whether a particular debt is dischargeable depends on the debt type, the facts of your situation, and the applicable Bankruptcy Code provisions. Some debts require a separate court process to address dischargeability rather than receiving an automatic discharge.

Debts that are often non-dischargeable or require special analysis include:

Child support
Alimony
Student loans
Secured loans
Loans obtained fraudulently
Some taxes
Debts due to injury from DUI
Debts incurred after filing for bankruptcy
Some debts that arise six months prior to filing for bankruptcy

This list is a general starting point, not a complete guide. Exceptions and fact-specific rules apply to many of these categories, so the right course of action depends on a careful review of your individual circumstances. Secured debt, for instance, may affect both your personal obligation and a creditor’s rights in collateral differently depending on the chapter you file.

When deciding if bankruptcy is right for you, it is also important to learn about the different kinds of bankruptcy. You will need to understand the potential advantages and consequences involved. For assistance in evaluating your eligibility, considering the benefits and consequences, and filling out the paperwork, you should consider seeking out a qualified bankruptcy attorney from The Colpitts Law Firm.

Bankruptcy Services We Offer in Tulsa

The Colpitts Law Firm is experienced in helping individuals address financial burdens, evaluate debt-relief options, and create financial repayment plans. We can help you in all matters related to bankruptcy.

Our bankruptcy services include:

Filing for bankruptcy before or after divorce
Bankruptcy and rebuilding your credit
Chapter 7 bankruptcy
Chapter 13 bankruptcy
Debt relief
Stopping creditor harassment
Saving your home from foreclosure
Determine dischargeable and non-dischargeable debt

In any matter, we can guide you through the process, offering our experience and commitment in advising you on a legal course of action, as well as our diligence in handling your matter with care and attention. We understand that debt can happen to anyone and bankruptcy may be a solution for this stressful financial situation. Our bankruptcy attorneys in Tulsa provide counsel, not judgment, as we work to find a legal solution to meet your specific situation.

Filing Bankruptcy in Tulsa, Oklahoma

Bankruptcy cases are handled through the federal court system, not Oklahoma state courts. Tulsa residents file through the United States Bankruptcy Court for the Northern District of Oklahoma, which administers case information, filing procedures, local rules, and meetings of creditors, including the 341 meeting of creditors required in most consumer cases.

The correct filing district depends on where you have resided and other federal venue rules. A Tulsa bankruptcy attorney can help you identify the right chapter for your situation, prepare the required documentation, and walk you through each stage of the court process, including any automatic-stay protections that may apply and the final resolution of your case.

What Is the Downside of Filing for Bankruptcy?

Filing for bankruptcy has several potential downsides that individuals should consider before making the decision. Here are some common downsides of filing for bankruptcy:

Negative Impact on Credit: Under federal credit-reporting law, a bankruptcy can remain on your credit report for up to ten years, making it more difficult to acquire new credit or loans in the future. It may also result in higher interest rates or more stringent terms for any credit you can acquire.
Loss of Assets: You may need to liquidate certain assets to settle your debts based on the type of bankruptcy you file (Chapter 7 or Chapter 13), the exemptions available in Oklahoma, and the equity and liens associated with your property. Non-exempt assets are liquidated in Chapter 7 bankruptcy while Chapter 13 allows you to keep your assets but requires a repayment plan. For someone who has precious possessions or significant value in their property, losing assets can be devastating. An asset protection attorney can help you explore options before filing.
Impact on Personal and Professional Reputation: Filing for bankruptcy is a public record, which means that anyone who searches your name or credit history can find it. This may have an impact on your personal and professional reputation because it could be perceived as a negative financial event.
Limited Access to Credit: After declaring bankruptcy, it may be more difficult to obtain credit or loans, and if you can, the interest rates and terms may be higher. It can take time and effort to rebuild your credit score and recover access to credit.
Potential for Future Bankruptcy Restrictions: If you have previously filed for bankruptcy or abused the bankruptcy process, you may face restrictions on filing for bankruptcy again in the future. This can be a disadvantage if you later find yourself in financial difficulty and bankruptcy is no longer an option.
Student Loan Discharge Is Rare: If you are struggling with federal student loans, in most cases, you may not be able to discharge them through bankruptcy. Discharge may be available in limited circumstances and typically requires a separate legal process called an adversary proceeding rather than an automatic discharge. Talk to an experienced bankruptcy lawyer to learn more about the options available to you.
Still Responsible for Some Debts: While many debts can be discharged, you will still be accountable for repaying some. Taxes, domestic support obligations such as alimony and child support, certain court-ordered debts, and debts incurred through unlawful activities each require their own analysis, and their treatment varies depending on the chapter filed and your individual facts.

What Are the Benefits of Filing Bankruptcy?

Individuals experiencing debts and financial difficulties may benefit from declaring bankruptcy. While the particular benefits vary depending on individual circumstances and the kind of bankruptcy filed (Chapter 7 or Chapter 13), the following are some of the most typical advantages of filing for bankruptcy:

Debt Relief: Bankruptcy can allow you to discharge or restructure certain debts, providing a fresh start and reducing the burden of unmanageable financial responsibilities.
Automatic Stay: The automatic stay generally goes into effect when you file for bankruptcy. This legal safeguard can prevent creditors from pursuing collection measures against you, such as foreclosure, repossession, wage garnishment, and harassing collection calls. Statutory exceptions and later court orders can affect how the automatic stay operates in a given case, but for most filers it provides immediate relief while you navigate through the bankruptcy process.
Repayment Plan: Chapter 13 bankruptcy permits you to create a court-approved repayment plan that can allow you to catch up on missed payments, which may help you prevent foreclosure or repossession and retain your possessions while getting your payments back on track.
Fresh Financial Start: Once your debts have been forgiven, you may be able to restore your credit, develop healthier financial habits, and make more educated financial decisions in the future. Learn more about life after bankruptcy and what to expect.
Elimination of Certain Debts: You may be able to discharge or reduce certain types of debts, such as credit card debt, medical expenses, personal loans, and more, depending on the type of bankruptcy you file and your unique circumstances. This might provide relief and allow you to focus on regaining your financial stability.

Considering filing for bankruptcy? It’s important to consult with an attorney to understand how these benefits apply to your specific case. At The Colpitts Law Firm, we can evaluate your financial situation, explain the potential advantages of bankruptcy, and help you determine if it is the right solution for your debt problems. With our board-certified attorneys’ extensive experience in bankruptcy law, we can provide personalized guidance and help you make an informed decision. Contact us today to make an appointment and begin to take the first step toward a new financial future.

Contact The Colpitts Law Firm at (918) 302-2662 for an initial consultation.

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How The Colpitts Law Firm Can Help You

Thousands of Cases Handled
American Board Certified
Extensive Knowledge of Bankruptcy Law
Almost Three Decades of Experience

Rave Reviews from Happy Clients

"THE BEST LAW OFFICE IN OKLAHOMA!"
My husband and I are transplants to Oklahoma from Florida and were so blessed to be referred to Greg and his law office. Not only did he handle our bankruptcy and got it discharged in 6 months, but he also helped us along the way with every step and gave the absolute best, and honest advice in our opinions. We had been working and paying another attorney in Florida for over 2 years and he didn't do half of what this office did in 6 months! If you need a trustworthy and professional law office to handle your case, please give this office a call. You will not be disappointed! They are a 5-star office and staff for sure!

- The Noles

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