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Chapter 7 Bankruptcy Attorneys in Tulsa

Helping You Obtain Crucial Debt Relief

If you are feeling overwhelmed by credit card debt, you are not alone. The total credit card debt in America has surpassed $1 trillion and many Americans are finding themselves struggling with debt they cannot pay off.

At The Colpitts Law Firm, we understand the stress that collection calls and unpaid bills can place on you and your family. We take great pride in offering tailored advice for your specific situation. Our bankruptcy attorneys can help you file for Chapter 7 bankruptcy and overcome the challenge you are facing.

To arrange an initial consultation and find out what we can do for you, contact us at (918) 302-2662.

Understand Your Options

Credit card debt is unsecured by collateral and it can often be completely eliminated through the 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 in Tulsa.

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. The Chapter 7 bankruptcy attorneys at The Colpitts Law Firm can help evaluate and advise you as to your best debt relief plan.

Trustees to Oversee Sale 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 paying certain debts.

Even with a Chapter 7 bankruptcy, you will still have to pay:

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

Chapter 7 Bankruptcy Timeline

The idea of declaring bankruptcy can be intimidating to many people, especially those who don’t know what’s ahead of them. If you’re considering declaring Chapter 7 bankruptcy, you might be dreading the uncertainty of what lies ahead in the days, weeks, and months to follow. So exactly how long does it take to file bankruptcy?To help you better understand what this process entails, here is a brief and highly-simplified Chapter 7 bankruptcy timeline.

  • Before Filing: Before you can file for Chapter 7 bankruptcy, you are required by law to complete a credit counseling course, which usually takes around 90 minutes and can be done either online or by phone.
  • Step 1 – Filing: Once you have completed the mandatory paperwork, you must bring it to the appropriate court to officially file for bankruptcy. Once you have officially filed, your automatic stay will immediately begin.
  • Step 2 – Provide Documentation to Your Trustee: Your case will be assigned a bankruptcy trustee who will oversee affairs and liaise between you and your creditors. You’ll need to provide them with your most recent tax return, pay stubs, and other documents they ask for. This will happen within a few days of your filing.
  • Step 3 – Attend a Creditor’s Meeting: Roughly 30 days after your official filing, you’ll need to attend a meeting of your creditors that’s conducted by your trustee. Most of the time your creditors themselves don’t even bother to show up and you simply have to answer a few questions from your trustee while under oath regarding information on your paperwork. These usually don’t last more than 15 minutes or so, and some last less than five minutes.
  • Step 4 – Mandatory Budget Counseling: No more than 60 days after your creditor’s meeting, you’ll have to attend a budget counseling course by phone or online. Once this is completed, you’ll have to file a form and a certificate of completion with the court to let them know you’ve finished this required process.
  • Step 5 – Obtain a Discharge: Over the next two months or so, your creditors will have the opportunity to object to your debts being discharged and your trustee will make arrangements for you to transfer any non-exempt property to them for liquidation (if you have any). Once this process is completed, the court sends you a notice that your debts have been discharged. This is the official completion of your case.

Remember, your own case is unique and has its own provisions and obstacles that must be overcome in order to complete it. To learn more about what your own specific timeline would look like, it’s strongly advised you discuss your options with a Tulsa chapter 7 bankruptcy attorney.

Contact The Colpitts Law Firm at (918) 302-2662 to discuss your options today.

Client Testimonials

Hear From Clients We've Helped
  • “The Colpitts Law Firm has helped me move into the right direction.”

  • “I have used Mr. Colpitts law firm and they were very professional and caring regarding my issues.”

  • “These are the people that help you.”

  • “Very helpful and will keep you informed through the process.”

  • “The Colpitts Law Firm has the knowledge and experience to help you make the right decision that works best for you and your family .”

  • “I rank The Colpitts Law Firm 10 out of 10.”

  • “Trustworthy attorney.”

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“Our knowledge and experience give us an unparalleled ability to move difficult cases through the bankruptcy system smoothly.”

- Greggory T. Colpitts
Board Certified in Consumer Bankruptcy
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