Bankruptcy filings decline in Oklahoma
The number of Oklahoma residents and businesses seeking bankruptcy protection fell last year by more than 10 percent in the federal district that includes Oklahoma City.
People are looking for other ways to pay their debt other than bankruptcy.”
director of counseling for Consumer Credit Counseling Service of Central Oklahoma
Grant Price, court clerk for U.S. Bankruptcy Court for the Western District of Oklahoma said that while he's noticed a decline in filings over the past year, it hasn't meant less work for him and his staff, because of federal budget cuts that have led to staffing consolidations in the judiciary system, he said.
“Fewer filings may be a good sign for the economy, but it's not necessarily good for court clerks,” Price said.
Although bankruptcy filings have been declined over the past year, Patrick Moore, Oklahoma City bankruptcy attorney said he hasn't noticed a corresponding drop-off in business.
He has seen an increase in clients interested in filing for Chapter 13 bankruptcy over Chapter 7 liquidation filings.
In a Chapter 13 bankruptcy, a debtor can keep his or her property and repay debts over a period of three to five years.
Many of Moore's clients turn to Chapter 13 bankruptcy to help avoid losing a home to foreclosure, he said.
“I think there are more people that realize you can stop a foreclosure or relieve some of their bills for three to five years,” he said.
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