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Bankruptcy Figures in Oklahoma. Even as our country begins the gradual climb to financial recovery, the price of bankruptcy continues to to increase year after year. Research indicates that there are more than one-million instances of bankruptcy filed in the United States each year, including both private and company filings. In 2009, there were a total of OF JUST ONE,402,816 bankruptcy cases filed, 1,344,095 of which were non-company and 58,721 of which were business entities. While the states with the best bankruptcy rates in the United States are Tennessee, Utah, Georgia and Alabama, the percentage of bankruptcy filings has increased by way of a great offer in most U. S. states over the past four years, including Oklahoma. Statistically, In 2007, the total number of bankruptcy filings in Oklahoma was 8,742, 77% of which were Chapter 7 while 23% were Chapter 13. In 2008, there were 10,858 bankruptcy filings in Oklahoma, 80% that were Chapter 7, while 20% were Chapter 1 3. In 2009, there were 13,813 bankruptcy filings in Oklahoma; 83% were Chapter 7 and 17% were Chapter 13. This year, the cumulative amount of bankruptcy filings in Oklahoma was 11,278, 83% of which were Chapter 7 and 17% of which were Chapter 13. Oklahoma has experienced an increase of bankruptcy filings percapita every year, very nearly doubling from 2. 44 filings per 1000 individuals in 2007 to 4. 08 filings per 1000 individuals this year. Researchers have collected details from cases of bankruptcy filed, making a account of the average bankruptcy filer. It is estimated that, as of 2008, 44% of people filing for bankruptcy are partners, 30% are women filing alone, and 26% are men filing alone. Two out of three filers have lost their job and half have have seen a serious health condition. Fewer than 9% of bankruptcy filers haven’t experienced job loss, divorce or significant health-related problems.
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In Oklahoma alone, there was an increase in percapita bankruptcy filings in 2010 while not quite doubled that of 2007. More specifically, the percentage of people who were capable to qualify for Chapter 13 bankruptcy reduced each year, indicating that less and less folks are able to repay their debt over time, opting instead for Chapter 7 bankruptcy, also known as “liquidation. ” As the tendencies of bankruptcy circumstances in Oklahoma and other states display, an increasing number of people each yr are finding themselves unable to spend their charges and mortgages on time, if at all, coinciding together with the mind-boggling percentage of filers who have lost their jobs or experienced a divorce or significant medical problem.
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You will find certain methods and requirements necessary to file for bankruptcy which vary state by state and it’s also imperative to to be familiar with these procedures before moving forward with submitting. For instance, if you’re considering filing for bankruptcy in Oklahoma, you will need to know whether you qualify for Chapter 7 or Chapter 13 bankruptcy. It could be best if you contact an knowledgeable Oklahoma bankruptcy lawyer to direct you through the means of filing for bankruptcy.