(PRWEB) September 25, 2012
The Oklahoma bankruptcy attorneys at the law firm of Atkins & Markoff hereby alert the public of a report that was recently released by the federal government concerning the statistics that relate to Chapter 13 bankruptcy cases that were adjudicated during the calendar year of 2011. These statistics revealed that of the cases that were dismissed by the courts during this timeframe, nearly half of them were dismissed because the debtors failed to maintain the payments agreed upon under the plan that was approved during the original case.
Specifically, this report 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 as is required under the 2005 federal bankruptcy statute.
The report stated that a total of 185,820 Chapter 13 bankruptcy cases were dismissed by the courts across the United States during the year of 2011. Of those 185,820 dismissals, 88,645, or 48 percent, were dismissed because the debtors in these cases failed to remain current with their payment plans. 20,089 of these cases were refilled before the end of 2011.
When someone files a bankruptcy case under Chapter 13 of the United States Bankruptcy Code, that debtor offers a repayment plan that is to be approved by the parties involved and the court that is supposed to provide at least partial repayment of existing debts to creditors. When the payments under this plan are not made, the court could dismiss the case and thereby allow the creditors to once again begin with their collection efforts that could include repossession of assets and foreclosure of loans on homes. The Oklahoma bankruptcy attorneys at Atkins & Markoff advise the public to seek professional advice before filing this type of a case.
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.