The United States Bankruptcy Court, District of Utah updated its YR 2012 Bankruptcy Filing Statistics.
Based on the statistical dated listed above, Utah had 119 fewer Chapter 7 and 129 fewer Chapter 13 filings in April than in March. However, the number of Chapter 11 filings increased. The bankruptcy filings in April of 2012 was 301 less than in April of 2011. Also, the total number of bankruptcy through April of 2012 was 12% less than April of 2011.
With lower amounts of bankruptcy filings for 2012 when compared to 2011 and from March to April 2012, the question can be raised: Is the economy improving because bankruptcy filings are down? The answer to that question remains to be seen. One factor in filing Utah bankruptcy protection is to stop pending home foreclosure. A Salt Lake City, UT bankruptcy attorney informed me that Bank of America has agreed to allow 800 more houses in Utah to be foreclosed on now that its multi-state attorney general class action has been settled. In the event that delinquent homeowners are notified that their properties have been slated for a foreclosure, many may seek bankruptcy protection in Utah within the next few weeks and months. This will increase the Utah bankruptcy court filing statistics. But, in the end, only time will tell.
For more information, contact a Salt Lake City, Utah bankruptcy attorney at PEARSON BUTLER, PLLC.