Even as our nation begins the slow climb to economic recovery, the rate of bankruptcy continues to rise year after year. Research indicates that there are well over one million cases of bankruptcy filed in the United States each year, including both personal and business filings. In 2009, there were a total of 1,402,816 bankruptcy cases filed, 1,344,095 of which were non-business and 58,721 of which were business entities. While the states with the highest bankruptcy rates in the United States are Tennessee, Utah, Georgia and Alabama, the percentage of bankruptcy filings has increased by a great deal in most U.S. states over the past four years, including Oklahoma.
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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% 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 number of bankruptcy filings in Oklahoma was 11,278, 83% of which were Chapter 7 and 17% of which were Chapter 13. Oklahoma has suffered an increase of bankruptcy filings per capita 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 collected information from cases of bankruptcy filed, creating a profile of the average bankruptcy filer. It is 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 experienced a serious health problem. Fewer than 9% of bankruptcy filers have not suffered job loss, divorce or serious medical issues.
In Oklahoma alone, there was an increase in per capita bankruptcy filings in 2010 while nearly doubled that of 2007. More specifically, the percentage of people who were able to qualify for Chapter 13 bankruptcy decreased each year, indicating that less and less people are able to repay their debt over time, opting instead for Chapter 7 bankruptcy, also known as "liquidation." As the trends of bankruptcy cases in Oklahoma and other states show, more and more people each year are finding themselves unable to pay their bills and mortgages on time, if at all, coinciding with the overwhelming percentage of filers who have lost their jobs or suffered a divorce or serious medical problem.
There are certain procedures and requirements necessary to file for bankruptcy which vary state by state and it is imperative to be aware of these procedures before moving forward with filing. For example, if you are considering filing for bankruptcy in Oklahoma, you will need to know whether you qualify for Chapter 7 or Chapter 13 bankruptcy. It may be a good idea to contact an experienced Oklahoma bankruptcy attorney to guide you through the process of filing for bankruptcy.
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