Ted K. Godfrey, P.C.

2668 Grant Avenue, Suite 103 Ogden, UT 84401

(801) 621-7445

How Many Individuals

and Businesses File for

Bankruptcy in Utah?

Bankruptcy may seem like a dead end that everyone should avoid, but there are

instances when it could not be helped. Many Americans file for bankruptcy every year

even if it damages their credit for up to 10 years because they see it as the fastest

and most effective way to recover from their financial hardship.

As of December 2015, the U.S. Bankruptcy Courts — Bankruptcy Cases Filed,

Terminated, and Pending reports that there were 12,132 fillings, 13,823

terminations, and 19,993 pending bankruptcy cases in Utah alone.

Bankruptcy in Utah

Utah is one of the states with

the highest bankruptcy rate

(4.59 per 1,000 people),

according to Credit.com. Despite

the decline of the bankruptcy

filing in the U.S., its numbers

remained comparatively high. It

ranked fifth — next to Illinois —

as of 2015, which is still sort of

good news because it has

maintained the fourth spot

around 2012.

From the third quarter of 2011 to the second quarter of 2012, about 11,054 Utahns

filed for Chapter 7 bankruptcy. They mentioned that it is a more attractive financial

option, as it wipes out all their unsecured debt — credit card, payday, and personal —

if they qualify. About 5,557 Utahns, on the other hand, filed for Chapter 13.

When Filing Time Has Come

The requirements and qualifications concerning bankruptcy may seem complicated,

especially for those who are not familiar with the law, but individuals and business

owners do not have to worry. Many legal professionals in Utah noted that most

lawyers have expertise in this field. Clients simply need to hire who they think is the

suitable choice for their specific circumstances.

While Utah’s bankruptcy rate

steadily declines, nobody can

predict exactly when it will

be out of the top states that

have the most bankruptcies

filed. It is best to understand

why it happens, why and

when it is the ideal choice,

and how to file for it.

Sources:

http://www.godfreylawyers.com/

http://www.uscourts.gov/statistics/table/f/bankruptcy-filings/2015/12/31

http://blog.credit.com/2015/05/the-states-with-the-highest-bankruptcy-rates-

115517/

http://archive.sltrib.com/story.php?ref=/sltrib/money/55092511-

79/bankruptcy-lake-salt-utah.html.csp