Buying Things after filing an Oklahoma bankruptcy may be okay but depends on a few factors.  One is timing.  But, the other–and more important–factor is which type of bankruptcy you file.  This means that depending on your status as a Chapter 7 or Chapter 13 bankruptcy, the answer varies.  This article will explain when Buying Things after filing an Oklahoma bankruptcy is appropriate. 

Making Purchases after Filing a Bankruptcy

Chapter 7 Bankruptcy Filing

If you file a Chapter 7 bankruptcy, Buying Things after filing an Oklahoma bankruptcy allowed at any time after you file.  Bankruptcy courts only notice debts and purchases up to the time of filing.  Thus, any loans or purchases taking place after filing cannot be included in the bankruptcy.  Unfortunately, this is the rule for courts.  Lenders follow different rules.  As a result, most lenders will not lend anything to a person who has a bankruptcy that is not fully discharged or closed.  If a lender does provide you assistance, you will face higher interest rates and worse terms.  These lenders usually require a letter stating that these new loans or purchases will not be part of the bankruptcy.  So, anyone purchasing a vehicle or appliance with credit must ask the lender about their policy regarding recent bankruptcy.

SEE HOW BANKRUPTCY IMPACTS YOUR CREDIT SCORE HERE

Please note, if you are working with a lender who takes clients after bankruptcy, make sure you research the situation.  Often times unethical lenders, knowing you cannot file bankruptcy again for 8 years, will take advantage.  For example, they will lock you into bad loans knowing you have little to no recourse if you cannot afford the terms.

Chapter 13 Bankruptcy Filing in Oklahoma

Chapter 13 clients face other challenges when it comes to Buying Things after filing an Oklahoma bankruptcy.  The Court must provide you permission before you can create new debt or make new purchases after bankruptcy filing.  While there are a few exceptions, such as medical emergencies or home and car repairs, you must still let your attorney know of the expense.  However, most purchases require permission from your trustee.  All purchases after bankruptcy will need approval before you can make them.  As a result, any home appliance like a washer or dryer must receive permission from the trustee.  Trustees will then consider if the purchase is necessary, how it impacts the repayment plan, and the terms of the purchase.  Once reviewing these, the trustee will either accept or reject the potential purchase.

Tulsa Bankruptcy Lawyers Can Help

If you are filing or considering filing bankruptcy in Oklahoma, you need to know the ramifications.  This is especially true if you are considering buying things after filing an Oklahoma bankruptcy. Our attorneys can help you file the correct type of bankruptcy and answer any further questions.  Call us today. Free consultation at 918.739.8984