Utah Bankruptcy Filings Down From a Year Ago

Utah Bankruptcy Filings Down From a Year Ago

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SALT LAKE CITY (AP) -- Utah's bankruptcy filings during the last quarter were down nearly 8 percent from the same period last year, possibly indicating an improvement in the state's economy.

During the three months ended March 31, there were 5,112 filings processed by the U.S. Bankruptcy Court.

Nearly three-quarters of them were made under Chapter 7, which provides for assets to be liquidated and unsecured debts, such as credit-card debts, to be dismissed.

The other quarter fell under Chapter 13, allowing individuals to reorganize their debt and pay creditors over a three- to five-year period of time.

There were five Chapter 11 filings for reorganization of businesses.

Filings in March were up slightly to 2,081, compared to 2,075 in March 2003, but the numbers were down for January and February.

Jeff Thredgold, president of Thredgold Economic Associates and an economic consultant to Zions Bank, recently said the decrease in bankruptcies shows more evidence that Utah's economy is on the mend.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

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