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 together with the best bankruptcy rates in in America are Tennessee, Utah, Georgia and Alabama, the percentage of bankruptcy filings has improved by a great deal in most U. S. states over the past four years, including Oklahoma.
Statistically, In 2007, the total amount of bankruptcy filings in Oklahoma was 8,742, 77% that were Chapter 7 while 23% were Chapter 1 3. In 2008, there were 10,858 bankruptcy filings in Oklahoma, 80% of which were Chapter 7, while 20% were Chapter 13. In 2009, there were 13,8-13 bankruptcy filings in Oklahoma; 83% were Chapter 7 and 17% were Chapter 1 3. This year, the cumulative amount of bankruptcy filings in Oklahoma was 11,278, 83% that were Chapter 7 and 17% that 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 1,000 people in 2010.
Researchers have collected details from cases of bankruptcy filed, making a account of the average bankruptcy filer. It’s estimated that, as of 2008, 44% of people filing for bankruptcy are couples, 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 suffered job loss, divorce or serious medical issues.
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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 individuals who were able to qualify for Chapter 13 bankruptcy reduced each year, indicating that less and less people are able to repay their debt over time, opting instead for Chapter 7 bankruptcy, also called “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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There are certain methods and requirements necessary to file for bankruptcy which vary state by state and it is imperative to to be familiar with those procedures before moving forward with filing. 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 a good idea to contact an experienced Oklahoma bankruptcy lawyer to direct you through the process of filing for bankruptcy.