Bankruptcy Up in Oklahoma

Tulsa, Okla. – The number of Oklahomans filing bankruptcy last year is up; more than 14,000 cases were filed in 2010.

Bankruptcy trustee Patrick Malloy III credits the upward trend not only to continued economic strife, but also to a return to normalcy following bankruptcy reform in 2005, a year in which more than 39,000 bankruptcy cases were filed.

The Bankruptcy Abuse Prevention and Consumer Protects Act tightened income limits and set new standards for evaluating debtors' financial situations.