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Bankruptcy Filings in U.S. Drop From Beginning of 2011 to 2012

A new report has temporarily calmed bankruptcy concerns for Americans, indicating that the number of bankruptcy filings in the United States during the first half of 2012 has decreased considerably compared to the first half of 2011. According to the findings of the report, if the current bankruptcy rate stays constant, the total number of bankruptcy filings in the U.S. during 2012 would be the lowest since 2008. However, those individuals and businesses in Oklahoma who continue to find themselves struggling with unpaid debt will still need to find some form of financial relief. At the law offices of Oklahoma Legal Center, our knowledgeable bankruptcy attorneys have years of experience helping Oklahomans consider their financial situation and decide whether bankruptcy is right for them.

Business and Consumer Bankruptcies Declining

According to a report issued by Epiq Systems Inc., a total of 632,130 bankruptcy cases were filed for both consumers and businesses during the first six months of 2012. When compared to the number of bankruptcy filings initiated during the first half of 2011, this figure represents a 14% decline. More specifically, the number of business bankruptcies filed in the U.S. during the first six months of 2012 decreased to a total of 30,946, a 22% decline from the same time frame in 2011. Comparatively, the number of consumer bankruptcy filings dropped to 601,184 so far in 2012, which represents a 13% drop from 2011. The fact that the 2012 rate of bankruptcy filings is on its way to being the lowest since 2008, which could be a good sign that the economy is improving. Experts predict that the decrease in U.S. bankruptcy filings could be due in part to low interest rates, which have remained low since the financial crisis began.

Contact an OK Bankruptcy Attorney for Help

With the release of the Epiq report, Americans may be encouraged by the fact that the rate of bankruptcy filings in 2012 could be the lowest in four years. However, this information should not instill a false sense of security in individuals and businesses struggling with significant debt, as bankruptcy may still be their best course of action. If you are considering filing for bankruptcy in Oklahoma, contact our skilled bankruptcy lawyers at Oklahoma Legal Center today. Our bankruptcy attorneys are familiar with Oklahoma bankruptcy laws, and can help individuals, couples and businesses determine whether bankruptcy is a viable option for them. Our qualified bankruptcy lawyers at Oklahoma Legal Center can also help those considering bankruptcy determine what type of bankruptcy would best suit their financial situation.

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