The number of bankruptcy cases filed in the Tulsa-based U.S. Bankruptcy Court in Oklahoma was 3,417 in 2012, which represents a decrease from 3,711 cases filed in 2011 and 4,406 cases filed in 2010. Although national bankruptcy statistics for 2012 are not yet available, the Administrative Office of the U.S. Courts reported in early November that the number of new bankruptcy cases had dropped about 14% across the country for fiscal year 2012, the 12-month period that ended September 30. The total number of bankruptcy filings in the U.S. reached 1,261,140 between October 1, 2011 and September 30, a decrease from the 1,467,221 filed in fiscal year 2011 and from the 1,596,355 filed in fiscal year 2010. If you are considering filing for bankruptcy in Oklahoma, your first course of action should be to consult our knowledgeable attorneys at Oklahoma Legal Center to discuss your legal rights.
Chapter 7 vs. Chapter 13 Bankruptcy in OK
Although the decrease in bankruptcy filings over the past year may mean some Oklahomans are findings themselves better able to handle their debt, many others continue to struggle with overwhelming car loans, mortgages, student loans and other forms of debt. For these individuals, filing a Chapter 7 or Chapter 13 bankruptcy in Oklahoma may be the best way to handle their debts and regain control over their financial situation, by either discharging their debt or organizing their debt into a manageable repayment plan.
The major difference between Chapter 7 and Chapter 13 bankruptcies is the manner in which the individual’s debts are handled. Chapter 7 bankruptcy, also known as liquidation, is the most common type of filing, and results in the bankruptcy court issuing a discharge of debts upon the liquidation of any remaining assets. In Chapter 13 bankruptcy, however, a repayment plan is developed based on the individual’s income, and allows the debtor to continue earning an income while making manageable monthly payments to creditors.
Contact Our Experienced Attorneys Today
Even if you are struggling with debts that cannot be discharged in bankruptcy, such as student loans, filing for bankruptcy in Oklahoma could help you deal with other forms of debt in order to free up money to repay those debts that can’t be discharged. If you are facing considerable debt and you think bankruptcy might be the best choice for your financial situation, don’t hesitate to contact our reputable lawyers at Oklahoma Legal Center. Our law firm is located in Oklahoma City, and our attorneys have extensive experience helping individuals throughout Oklahoma file for bankruptcy. With our qualified attorneys on your side, you can take the steps necessary to discharge or repay your overwhelming debts and get the fresh start you deserve.