The lingering effects of the recession have taken a significant toll on Oklahoma families, as a report released on January 30 by the national nonprofit Corporation for Enterprise Development indicates that more than two in five Oklahoma residents have virtually no savings for an emergency. If you find yourself struggling with overwhelming debt, low income and little to no savings, filing for bankruptcy in Oklahoma could be a good option for your financial situation. Contact our experienced attorneys at Oklahoma Legal Center if you are considering filing Chapter 7 or Chapter 13 bankruptcy in Oklahoma, to discuss your legal options and determine what course of action is right for you and your family.
Oklahomans Lack Adequate Savings
The 2013 Assets & Opportunity Scorecard examines Americans’ ability to save and build wealth, avoid poverty and create a more prosperous future. It analyzes all 50 states and the District of Columbia on the ability of their residents to achieve financial security across 53 measures in five areas: housing and homeownership, financial assets and income, businesses and jobs, education and health care. Oklahoma came in at 32nd, up from 33rd last year, and the report found that 44% of Oklahoma residents are considered “liquid asset poor,” meaning they lack sufficient savings to cover basic expenses at the federal income poverty level for three months if they experience a loss of stable income. This statistic includes Oklahoma residents who live below the federal poverty level of $23,050 for a family of four, as well as many families whose consider themselves middle class, the report noted.
What it Means to be “Asset Poor”
According to the study, 26% of households bringing in between $44,893 and $73,140 annually have less than three months worth of savings, or $5,762 for a family of four. In addition, the report found that 23.4% of Oklahomans are asset poor, which means the assets they have – a savings account, home, car or business – are overwhelmed by debt. “If someone works full time and still doesn’t earn enough to make ends meet or have money left over to buy a house or car, that becomes a serious problem and prevents people from building wealth,” said Kate Richey, policy analyst with the Oklahoma Policy Institute. “When people run out of money, they may turn to outlets with incredibly high interest, which becomes a further drain on low wages.”
Contact Our Experienced Attorneys Today
Although Oklahoma ranked well in areas like credit card and student loan debt, “There is still a really large savings gap between what families have and what they really need to have – that personal safety net that could potentially get them through a job loss or medical emergency, or even something like if they had to fix their car,” said Kasey Wiedrich, senior program manager for the Corporation for Enterprise Development. If you come to find that your current income is not sufficient to cover your basic living expenses and to make adequate payments against your debt, contact our knowledgeable lawyers at Oklahoma Legal Center today. Our law firm is located in Oklahoma City, and our attorneys have extensive experience helping Oklahomans relieve their debt by liquidating their assets or creating a manageable debt repayment plan based on their income. With our reputable lawyers on your side, you can file Chapter 7 or Chapter 13 bankruptcy, and achieve the debt relief you deserve.