The United States Bankruptcy Court, District of Utah, updated its filing statistics for March 2013. See below.
Based on the graph, Utah Chapter 7 filings increased from 560 in January and 639 in February to 1,134 in March. March Chapter 7 bankruptcy filings doubled those in January and almost doubled those in February. It is common for more individuals and couples to file for Chapter 7 bankruptcy protection in March around the time that they receive their tax refund money that they can use to pay to file for bankruptcy protection. Similarly, the number of Chapter 13 bankruptcy filings increased from 400 in January and 368 in February to 443 in March. But we don’t see the doubling in Chapter 13 filings from January to March.
Moreover, the graph also compares the total number of bankruptcy filings from the Year 2012 to the Year 2013. For three months in a row, there have been fewer total bankruptcy filings in January (down from 1,103 to 964), February (down from 1,279 to 1,009), and March (down from 1,767 to 1,579). The question arises, “Why are fewer people for bankruptcy protection in Utah?” And a similar question, “Why did the number of Chapter 7 filings more than double from January to March, but the number of Chapter 13 filings only slightly increase from January to March?”
We have already observed that fewer people are filing for bankruptcy in Utah. See “Are Less People Filing Bankruptcy? Utah Bankruptcy Attorney Discusses Recent Trends“. This downward trend in the number of bankruptcy filings could be attributable to many things, including a positive increase in Utah home values over the past year, and increase in Wall Street profits, and a general economic feeling that things appear to be improving in the United States and Utah economies. But it could also be that the banks are not as aggressively foreclosing on homes right now although many individuals and families continue not to make their home mortgage payments. In the end, only time will tell how things will play out with the economy. But certainly, the continual decrease in bankruptcy filings follows the increase in consumer confidence that things may be improving in the economy.
Contact a Bankruptcy Attorney in Salt Lake City Utah
If you have questions about bankruptcy, feel free to contact a Bankruptcy Attorney in Salt Lake City Utah at Pearson Butler, and ask for a consultation at (800) 265-2314. Remember, our Utah Bankruptcy Attorneys offer free initial consultations.