In Oklahoma, the oil economy is hurting. Will we see a repeat of the 1980's crises? Petroleum industry layoffs reduce the amount of disposable income of these unfortunate workers and, as a result, affects all jobs in Oklahoma.
The collapse of the oil industry in the 1980’s directly or indirectly led to the failure of 200 banks. Tens of thousands lost their jobs. State revenues plummeted along with the price of oil, creating years of budget cuts and tax hikes. Teachers were laid off, and the Oklahoma Highway Patrol idled cars to save gas.
Today with oil selling for about a third of two years ago, the state's oil and gas companies are cutting back, industry job losses are mounting, and state government is being slashed. Oklahoma's economy is ranked near the nation's worst. Since June 2014, Oklahoma has lost 11,600 energy jobs and 59 percent of its active oil and gas rigs.
If you are one of the many in Oklahoma that find themselves in dire financial strain due to layoffs or other economic reasons, bankruptcy may be the answer for you. Filing for bankruptcy will stop those stress-inducing calls from creditors, law suits and even garnishments.
You should be able to keep all your personal property, as Oklahoma has generous exemption laws. After filing a bankruptcy petition, you can have your discharge in about 90 days and your credit should start to improve immediately. The bankruptcy laws are here to protect you, the individual that needs a fresh start.