Well, us Utah Bankruptcy Lawyers have had a good run, eh? With the recent, prolonged recession and the collapse of the housing industry, bankruptcy and foreclosure rates have been at all time highs across the country for several years. And it seems that local Salt Lake County, Davis County, and Utah County rates are just as high or higher than the national averages.
It may all be coming to an end, which is great news for Utah families that have been weathering this storm for a long time. It looks as though unemployment levels are poised to drop back down; and the fact that bankruptcy filings are down nationwide is encouraging. Utah bankruptcy filings for the first 6 months of 2012 are down 13% from the last year. That’s quite a bit, huh? Nationwide, bankruptcy filings are down 14%!
It’s great to get some good news, but before we all go and and buy a new Land Rover…the data doesn’t all point in the same direction. While unemployment has fallen this year, the ground gained has been underwhelming at best. And what is particularly discouraging about the bankruptcy filing statistics is that Utah foreclosure rates have not dropped. If foreclosures continue to remain high, bankruptcy filings will come back up – and this will just be a short lived break.