Bankruptcy filing statistics for November of 2012 show 1,275 Utah bankruptcy filings, down from 1,323 Utah bankruptcy filings in November of 2011. This is the 11th straight month of decreased Utah bankruptcy filings. The Utah bankruptcy numbers for November were 865 Chapter 7 bankruptcy filings, 407 Chapter 13 bankruptcy filings, and 3 Chapter 11 bankruptcy filings. For comparison, see our article Salt Lake City Utah Bankruptcy Filing Statistcs for October 2012.
There are many explanations offered to explain the decrease in Utah bankruptcy filings. A common explanation is that the Utah economy is improving. This is supported by an increase in home values for 2012. Home values have risen as reduced supply has met high demand. Another explanation is that the large lending institutions have held off foreclosing on homes in Utah and across the United States due to the attorney general lawsuit settlement agreement, the presidential campaign, and other factors. I have recently heard that the large lending institutions will increase foreclosure activity in Utah next year. If this occurs, home values may drop and bankruptcy filings may increase. In the end, nobody knows what the economy will bring next year. But it has been nice to see that 2012 has been less financially stressful for many individuals and families in Utah.
Contact a South Jordan Bankruptcy Attorney
If you or someone you care about is interested in talking with a lawyer in Utah about bankruptcy options, call the team at the law office of Pearson Butler. Feel free to contact us by calling one of our experienced bankruptcy attorneys at (800) 265-2314.