(PRWEB) September 13, 2012
The Oklahoma bankruptcy lawyers at the law firm of Atkins & Markoff hereby alerts the public of the recent release of an annual federal report regarding consumer bankruptcy filings initiated in the United States during the calendar year of 2011. The report indicates that 28 percent of all of the consumer bankruptcy cases filed in the United States were filed by repeat filers, or by consumers who had filed bankruptcy cases at least once in the past.
The report, which was released on August 27, 2012 by the Office of Judges Programs, Statistics Division, Administrative Office of the United States Courts was entitled the, “2011 Report of Statistics Required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” and it is filed on an annual basis. It provides a breakdown of statistics regarding several aspects of consumer bankruptcy case filings during 2011.
Specifically, the report indicated that overall, there was an 11 percent drop in the number of consumer bankruptcy case filings during 2011 as compared to the calendar year of 2010. In addition, there was a drop of 23 percent in terms of the assets held by the filers, a 25 percent drop in the average amount of liabilities reported by the filers as compared to 2010 and a 28 percent incidence of repeat filers of consumer bankruptcy cases.
The consumer bankruptcy cases filed were filed under Chapters 7, 11 and 13 of the United States Bankruptcy Code and this report is required to be filed annually as part of the 2005 bankruptcy reform law that was passed by Congress. 70 percent of the consumer bankruptcy cases filed were initiated under Chapter 7, 30 percent of the cases were filed under Chapter 13 and one-tenth of one percent were filed under Chapter 11.
A total of 1.3 million debtors filed for bankruptcy protection during 2011, which was down from nearly 1.5 million debtors who filed for this protection during 2010. The average deficit reported between monthly income and monthly liabilities by consumer debtors during 2011 on bankruptcy petitions was negative 56 dollars per month.
About Atkins & Markoff
The Oklahoma bankruptcy lawyers at Atkins & Markoff, whose law firm Web site URL can be found at http://www.OklahomaBankruptcyLawCenter.com, is a law firm comprised of Oklahoma bankruptcy attorneys who have been representing consumers since 1999 in bankruptcy-related legal matters that include Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases as well as debt consolidation and credit counseling matters. The firm represents consumers in bankruptcy cases throughout the state of Oklahoma.