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Today, I would like to point out that bankruptcy filings have steadily increased the past few years in Tulsa Oklahoma and across the United States. They are now close to the same numbers they were before The Bankruptcy Reform Act was passed. In the Northeastern District of Oklahoma alone they are nearly the same as they were back in 2005. We saw a large decline after The Act was passed, but the filings have steadily increased since 2006. In fact Bankruptcy is not just for ordinary citizens anymore!
I noticed on Fox News today that Harrisburg Pa. has just filed for Chapter 9 Bankruptcy. The Capital of Pa is filing for Bankruptcy! The city claims to have $458 million dollars in debt. It had to file bankruptcy in order to take care of the health and safety of it’s citizens and to be able to provide basic essential government services. Municipal bankruptcy filing is very rare and has only been filed for three or four times in the last forty years according to the Associated Press Business News.
The economy has forced many city and state governments to make some hard choices. Topeka Kansas is having difficulty paying prosecutors to handle the large number of cases that are in court. What did they do? They dropped domestic violence laws so that these cases do not have to clog up the court system in Topeka right now. The result is that several offenders charged with domestic violence have been released from jail as they are not guilty of a crime anymore. Studies show that one in four women will experience domestic violence in their lifetime. Apparently, victims will now have to use assault and battery laws in Topeka.
Many people are without jobs or know someone that has been laid off. Thousands of homes are in foreclosure. The good news is that people are pulling together in many ways and helping each other out. Entrapreneurs are being born out of adversity and Bankruptcy is still a viable option for individuals, families, businesses and municipalities needing a fresh start.