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Bankruptcy Filings Up in State (Jan 04, 2011)

TULSA, Okla. (AP) -Bankruptcy filings in Oklahoma's federal courts climbed above 14,000 in 2010, but a longtime bankruptcy trustee says the increase is an indication of a return to normalcy after a significant reform law took effect in 2005.

As first reported in The Tulsa World, the state's three U.S. bankruptcy courts had about 14,400 bankruptcy filings last year.

By contrast, more than 39,000 bankruptcy cases were filed in Oklahoma in 2005. That was before the Bankruptcy Abuse Prevention and Consumer Protects Act went into effect in October that year.

The law set tighter income limits and new standards for measuring a debtor's ability to repay. Bankruptcy trustee Patrick Malloy III says the upward trend of filings in 2010 is due not only to a return to normalcy, but the still-struggling economy.

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