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Bankruptcy Statistics in Oklahoma.

Even as our nation begins the gradual climb to financial recovery, the price of bankruptcy continues to rise 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 submitted, 1,344,095 that were non-enterprise and 5-8,721 which were enterprise entities. While the states together with the best bankruptcy rates in in the USA are Tennessee, Utah, Georgia and Alabama, the proportion of bankruptcy filings has improved by way of a fantastic offer 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 13,813 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 1,000 people in 2007 to 4. 08 filings per 1,000 people in 2010.

Researchers have gathered info from instances of bankruptcy submitted, producing a account of the typical 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 dropped their work and half have have seen a significant medical 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 this year while not exactly double D that of 2007. More specifically, the percentage of individuals who were capable to qualify for Chapter 13 bankruptcy reduced each yr, indicating that less and less folks are in a position to re-pay their debt over time, opting rather for Chapter 7 bankruptcy, also called “liquidation. ” As the developments of bankruptcy circumstances in Oklahoma and other states show, an increasing number of people each yr are finding themselves unable to spend their charges and mortgages on time, if at all, coinciding using the mind-boggling percentage of filers that have lost their careers or experienced a divorce or serious health-related issue.
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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. As an example, should you be considering filing for bankruptcy in Oklahoma, you are going to 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.




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