Bankruptcy Statistics 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 submitted, 1,344,095 that were non-company and 5-8,721 that were enterprise 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 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% that were Chapter 7, while 20% were Chapter 1 3. In 2009, there were 13,8 13 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% that were Chapter 7 and 17% of which were Chapter 1 3. Oklahoma has experienced an increase of bankruptcy filings percapita every year, really almost 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 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 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 health-related problems.
Lessons Learned from Years with Money
In Oklahoma alone, there was an increase in percapita bankruptcy filings in 2010 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.
Lessons Learned from Years with Money
You will find certain methods and needs required to file for bankruptcy which fluctuate state by state and it’s also imperative to to be familiar with those procedures before continue 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 smart to contact an experienced Oklahoma bankruptcy attorney to guide you through the means of filing for bankruptcy.