While the bankruptcy rate in Utah is decreasing, the rate is still the fourth highest in the United States for the first nine months of 2012. Utah bankruptcy lawyers are still seeing many bankruptcy cases come in.
Bankruptcy filings through September 30, 2012 decreased by 13 percent compared with bankruptcy filings through September 30, 2011. According to the United States Bankruptcy Court District of Utah, there have been a total of 12,680 bankruptcy filings this year, with 68 percent for Chapter 7 filings, 32 percent for Chapter 13 filings, and less than one percent for Chapter 11 filings.
An article by the Salt Lake Tribune mentions that there were 5.99 petitions for every 1,000 people, while the nationwide average per capita filing rate was 3.97 for every 1,000 people. So even though the Utah rate has dropped, it is still high and bankruptcy lawyers in Utah are still seeing a lot of cases.
With 8,620 filings, the majority of the bankruptcies have been for Chapter 7 bankruptcy. Chapter 7 is a liquidation of a debtor’s assets with many of the debtor’s debts being discharged. There were 4,020 filings for Chapter 13 bankruptcy, which is a reorganization of a debtor’s debt with a plan to pay off the debt over a period of time.
If you think bankruptcy might be the right option for you, contact Utah bankruptcy lawyers to find out if and when you should file for bankruptcy. Don’t wait until you are too far in over your head, call bankruptcy lawyers in Utah today.
Shumway Van & Hansen always offers free consultations and often times can schedule an appointment within 24 hours. For more information please continue to utilize www.shumwayvan.com, call us at (801) 478-8080, or stop by our Salt Lake City law offices which are located at 8 East Broadway, Suite 550, Salt Lake City, Utah 84111.