Friday, April 8, 2011

Surprises lurk in Utah bankruptcy spike

Bankruptcy filings in Utah jumped 15 percent in the first three months of 2011. But some of the reasons for the increase might surprise you.

Even though "it may seem counterintuitive, when the economy starts to improve and people begin to find jobs after being unemployed, it can lead to an increase in filings because they realize they have assets that they now are in a better position to protect," said Jean Braucher, a law professor at the University of Arizona and a resident scholar at the American Bankruptcy Institute in Virginia. For others, the downturn might just be catching up to them. Salt Lake Tribune

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