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Statistics on bankruptcies in Oklahoma

Statistics on bankruptcies in Oklahoma
"""Even as our nation begins the sluggish ascent to economic recovery, the annual rate of personal bankruptcies continues to rise. According to research, more than one million personal and business bankruptcies are filed annually in the United States. In 2009, a total of 1,402,816 bankruptcy petitions were filed, of which 1,344,095 were for non-business entities and 58,721 were for business entities. While Tennessee, Utah, Georgia, and Alabama have the highest bankruptcy rates in the United States, the majority of states, including Oklahoma, have seen a significant increase in bankruptcy filings over the past four years.

In 2007, the total number of bankruptcies filed in Oklahoma was 8,742, with 77% being Chapter 7 and 23% being Chapter 13. In 2008, 10,858 bankruptcies were filed in Oklahoma, of which 80% were Chapter 7 and 20% were Chapter 13. Oklahoma filed 13,813 bankruptcies in 2009; 83% were Chapter 7 and 17% were Chapter 13. This year, a total of 11,278 bankruptcy petitions were filed in Oklahoma, of which 83% were Chapter 7 and 17% were Chapter 13. Each year, the number of bankruptcy filings per capita in Oklahoma has increased, from 2.44 filings per 1,000 people in 2007 to 4.08 filings per 1,000 people in 2010.

Researchers have compiled data from bankruptcy filings to create a profile of the typical bankruptcy petitioner. As of 2008, it is estimated that 44% of bankruptcy filers are couples, 30% are women filing alone, and 26% are males filing alone. Two-thirds of tax filers have lost their jobs, and fifty percent have experienced a significant health issue. Fewer than 9% of those who file for bankruptcy have not experienced a job loss, divorce, or significant health issue.

In 2010 there was an increase in bankruptcy filings per capita in Oklahoma, nearly doubling the 2007 rate. Specifically, the percentage of people who were eligible for Chapter 13 bankruptcy declined each year, indicating that fewer people are able to repay their debts over time, opting instead for Chapter 7, also known as """"liquidation."""" As evidenced by the trends of bankruptcy cases in Oklahoma and other states, an increasing number of people each year are unable to pay their bills and mortgages on time, if at all. This coincides with the fact that the vast majority of bankruptcy filers have lost their jobs or endured a divorce or a serious health problem.

State-specific procedures and requirements must be satisfied in order to file for bankruptcy, and it is essential to be aware of these procedures before proceeding. If you are considering filing for bankruptcy in Oklahoma, for instance, you will need to determine whether you qualify for Chapter 7 or Chapter 13 bankruptcy. Contacting an experienced Oklahoma bankruptcy attorney to guide you through the process of filing for bankruptcy may be a good idea.

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"Statistics on bankruptcies in Oklahoma" was written by Mary under the Finance / Wealth category. It has been read 152 times and generated 0 comments. The article was created on and updated on 01 June 2023.
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