The downward trend in Utah bankruptcy files continue. The United States Bankruptcy Court, District of Utah, provides a monthly update on the number of Utah bankruptcy filings. The Court breaks down the bankruptcies filed each month, according to Chapter 7 Bankruptcies, Chapter 13 Bankruptcies, Chapter 11 Bankruptcies, and Chapter 12 Bankruptcies.
The filing statistics show 929 Utah bankruptcy filings in December 2012, which is down from 1,106 Utah bankruptcy filings in December 2011. This is the 12th straight month that there has been a decreased number of bankruptcy filings in Utah. The United States Bankruptcy Court, District of Utah, further breaks down the total number of Utah bankruptcy filings according to bankruptcy type: December 2012 numbers show the Chapter 7 bankruptcy filings were 582, Chapter 13 bankruptcy filings were 339, and Chapter 11 bankruptcy filings were 8.
The question as to the downward trend in bankruptcy filings could be an indicator that the Utah economy is improving. Certainly, a decrease in the number of bankruptcy filings would suggest that individuals and couples may feel less financial pressure to feel that filing for bankruptcy protection is needed. This may go along with the current view that real estate home prices are increasing in value again. I have spoken with real estate agents who say that it is turning into a seller’s market again since inventory is relatively small compared with demand. Similarly, Wall Street has had some very good numbers as well.
But notwithstanding the good news with bankruptcy filings down in Utah, while home prices and Wall Street continue to increase in value, only time will tell whether the economy is, indeed, improving or whether we are certainly in the eye of a hurricane.
Contact a Bankruptcy Attorney in South Jordan
If you would like more information about the filing statistics or would like relief from your individual creditors, feel free to call our law office of Pearson Butler. We offer free consultations throughout Utah at (800) 265-2314.
We are a debt relief company under the bankruptcy code. We help people file for bankruptcy.
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