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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
New Utah Bankruptcy Law Requirements
When Congress reformed bankruptcy in 2005, Utah was one state that it had in mind. Notorious for being a state with one of the highest personal filing rates in the country, the new bankruptcy law aimed at curtailing some of these sobering trends. The new bankruptcy has a wide array of differences from the old one, but perhaps the most important change has to do with the fact that having the choice of which chapter of bankruptcy one wants to file is no longer always available.
Under the new law, one must earn less than median income in Utah or pass a special income and expense examination, known as the means test, in order to file Chapter 7 bankruptcy. The means test basically looks at a debtor’s disposable income to establish whether paying part off the balances owed is realistic.
Listed below is the median income information for Utah as of 2006:
2-person families: 50,155
3-person families: 56,671
4-person families: 63,586
5-person families: 64,213
6-person families: 68,699
7-or-more-person families: 76,557
Not wanting to claim bankruptcy? Let PayingPaul.Com match you up with a pre-qualified debt management company for a free consultation. You can cut your debt and get out of debt faster than you would believe possible!
Here’s some other resources to consider that relate to owing debt in Utah:
Utah Consumer Credit Counseling Services
Utah Bankruptcy Laws
Utah Debt Collection
Bankruptcy Figures in Utah
2004: 20,362
2005: 21,476
2006: 5,215
Debt advisors have been trying to figure out Utah’s high bankruptcy rate for years. Historically and particularly in recent years, Utah has been one of the leading state’s for bankruptcy filings by population. Since 1998 it has been in the top five “worst states” in terms of this statistic, and the reasons vary from high home prices relative to income, increasing credit card debt, fiscally irresponsible citizens, declining personal savings and an increase associated with bankruptcy. Despite the willingness of some Utah consumers to file bankruptcy, more consumers since the passing of the new law in 2006 have begun seeking out debt management advice for help.
New Utah Bankruptcy Law Requirements
When Congress reformed bankruptcy in 2005, Utah was one state that it had in mind. Notorious for being a state with one of the highest personal filing rates in the country, the new bankruptcy law aimed at curtailing some of these sobering trends. The new bankruptcy has a wide array of differences from the old one, but perhaps the most important change has to do with the fact that having the choice of which chapter of bankruptcy one wants to file is no longer always available.
Under the new law, one must earn less than median income in Utah or pass a special income and expense examination, known as the means test, in order to file Chapter 7 bankruptcy. The means test basically looks at a debtor’s disposable income to establish whether paying part off the balances owed is realistic.
Listed below is the median income information for Utah as of 2006:
2-person families: 50,155
3-person families: 56,671
4-person families: 63,586
5-person families: 64,213
6-person families: 68,699
7-or-more-person families: 76,557
Not wanting to claim bankruptcy? Let PayingPaul.Com match you up with a pre-qualified debt management company for a free consultation. You can cut your debt and get out of debt faster than you would believe possible!
Here’s some other resources to consider that relate to owing debt in Utah:
Utah Consumer Credit Counseling Services
Utah Bankruptcy Laws
Utah Debt Collection
Bankruptcy Figures in Utah
2004: 20,362
2005: 21,476
2006: 5,215
Debt advisors have been trying to figure out Utah’s high bankruptcy rate for years. Historically and particularly in recent years, Utah has been one of the leading state’s for bankruptcy filings by population. Since 1998 it has been in the top five “worst states” in terms of this statistic, and the reasons vary from high home prices relative to income, increasing credit card debt, fiscally irresponsible citizens, declining personal savings and an increase associated with bankruptcy. Despite the willingness of some Utah consumers to file bankruptcy, more consumers since the passing of the new law in 2006 have begun seeking out debt management advice for help.