More than 7,000 bankruptcy cases have already been filed in Utah this year. As of the end of May, there were 7,232 bankruptcy cases filed. Utah bankruptcy attorneys have been hard at work filing many of these personal and business bankruptcies.
We are only half way through the year, and already more bankruptcy cases have been filed this year than were filed for the entire year of 2006 or 2007. In 2006, there were 5,031 total bankruptcy filings and in 2007 there were 6,284 filings. These statistics include cases for Chapter 7, 11, 12, and 13 filings.
The increase in bankruptcy filings shows the financial difficulties during the down economy. Bankruptcy lawyers in Utah can help you know if filing bankruptcy is the right thing for your financial situation.
About two thirds of the cases filed have been for Chapter 7 bankruptcy and about one third have been for Chapter 13. Chapter 7 bankruptcy is a liquidation where debtors can be discharged from most of their debts. Chapter 13 bankruptcy is a reorganization where a plan is set up to repay creditors over a number of years. Utah bankruptcy attorneys can help you determine which bankruptcy filing would be best for you.
To see the current bankruptcy filing statistics for Utah, visit http://www.utb.uscourts.gov/ and click on public resources, filing statistics. Or for help with filing your own bankruptcy, contact bankruptcy lawyers in Utah.
Shumway Van & Hansen always offers free consultations and often times can schedule an appointment within 24 hours. For more information about bankruptcy please continue to utilize www.shumwayvan.com, call us at (801) 478-8080 or stop by our office which is located at 8 East Broadway #550, Salt Lake City, Utah 84111. We look forward to hearing from you soon.