Oklahoma City Bankruptcy Attorneys - Hire a Lawyer to Help With Your OK Bankruptcy Claim

The United States economy is mired in the mist of its worst recession since the Great Depression in the early part of the 20th Century, and that observation comes from the President of the United States. When an economy turns drastically downward, the fallout is both collective and individual in nature. Unfortunately, millions of people are facing serious financial problems that many never saw coming.

Fortunately, there are options for relief. Below you’ll find information regarding bankruptcy statistics, the most common types of bankruptcy filings and information regarding how you should proceed if you would like to put your financial struggles behind you.

• National Bankruptcy Statistics by Our Oklahoma City Attorneys

  Several outlets track bankruptcy filing statistics, and it should come as no surprise that the number of bankruptcy filings during the last two reported quarters is substantially higher than the previous quarters. Since the economy crashed in the fall of 2008, the number of filings has risen by approximately 50 percent. Below are the statistics for non-business bankruptcy filings for 2006 until the most recently recorded quarter:

  2006 Bankruptcy Filings

  • 1st Quarter – 112,685 filing for bankruptcy
  • 2nd Quarter – 150,975 filing for bankruptcy
  • 3rd Quarter – 165,862 filing for bankruptcy
  • 4th Quarter – 172,013 filing for bankruptcy

  2007 Bankruptcy Filings

  • 1st Quarter – 187,361 filed for bankruptcy
  • 2nd Quarter – 203,744 filed for bankruptcy
  • 3rd Quarter – 211,742 filed for bankruptcy
  • 4th Quarter – 218,428 filed for bankruptcy

  2008 Bankruptcy Filings

  • 1st Quarter – 236,982 bankruptcy filings
  • 2nd Quarter – 266,767 bankruptcy filings
  • 3rd Quarter – 280,787 bankruptcy filings
  • 4th Quarter – 288,416 bankruptcy filings

  2009 Bankruptcy Filings

  • 1st Quarter – 316,158 bankruptcy filings
  • 2nd Quarter – 365,059 bankruptcy filings
  • 3rd Quarter – 373,308 bankruptcy filings
  • 4th Quarter – 357,183 bankruptcy filings

  2010 Bankruptcy Filings

  • 1st Quarter – 373,541 bankruptcy filings

   

  As can be seen, not only have the number of bankruptcy filings gone up for every quarter since the beginning of 2006, but the number of non-business bankruptcy filings has risen from 112,685 in early 2006 to 373,541 in the most recently reported quarter. That represents a 300 percent increase in filings in four years. Cleary, if you are experiencing financial problems, you’re far from alone.

• Types of Oklahoma Bankruptcy Filed by Consumers

When someone decides that bankruptcy is the best option for financial relief, there are options from which to choose. The United States Bankruptcy Code contains different chapters, and these chapters represent different forms and procedures regarding the protection sought and the ultimate resolution that can be obtained. Below is a brief overview of the three most common types of bankruptcy filings:

• Chapter 7 Bankruptcy in Oklahoma - A Fresh Start

The Chapter 7 bankruptcy is also known as the ‘liquidation’ bankruptcy, as that’s what basically describes the process involved with getting rid of the debts the petitioner owes. This is a chapter that’s almost always used by the individual, and in general, it involves petitioning the bankruptcy court for protection, including schedules of assets and debts for the court and the creditors named on the petition to review and an ultimate decision to grant the relief that the petitioner seeks.

Specifically, the petitioner’s ultimate goal is what’s known as a discharge of the debts that the petitioner is carrying, and that discharge is ordered by the bankruptcy court after the appropriate documentation has been filed and the creditors named in the case have had an opportunity to state their position. While proceeding through a Chapter 7 bankruptcy in OK case is relatively straightforward, any mistakes made by the petitioner can be costly.

• Chapter 11 Bankruptcy in Oklahoma - Filing Bankruptcy for Oklahoma Businesses

The Chapter 11 bankruptcy filing in OK is known generally as a ‘reorganization’ bankruptcy, and that’s because it generally involves a business that needs the protection of the Bankruptcy Court while it works out a plan that will allow it to make affordable payments on certain debts and work its way out of the financial situation that led it to seek this protection in the first place.

It should be known that a Chapter 11 filing is one of the most complicated types of bankruptcy protection that can be sought, as corporations and businesses often have extremely complicated set of books and accounting methods that can create a high degree of confusion for everyone involved. Therefore, no one should attempt to seek Chapter 11 protection without the help of an experienced bankruptcy attorney.

• Chapter 13 Bankruptcy in Oklahoma - A Wage Earner's Bankruptcy Plan

The Chapter 13 bankruptcy is generally known as the ‘wage earner’s’ bankruptcy, as this is the type of filing and protection that’s often sought by someone who has a regular stream of dependable income and the ability to continue to make some form of payments to their creditors over time.

A Chapter 13 bankruptcy in Oklahoma filing is not the same as a Chapter 7 filing because the petitioner must file a plan to be reviewed by the creditors. If the creditors do not object to the plan and the court agrees that it’s sound, the plan goes into effect for a period of time. When that plan is complete, the remaining debts are discharged.

Hire an Oklahoma City Bankruptcy Lawyer to File Your Case

If you are one of the millions of people who may not be sure where to turn for financial help, you need to seek the advice of an experienced bankruptcy attorney. Contact the Oklahoma law firm of Atkins & Markoff today to schedule a free initial consultation.