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Which county in Utah has the most bankruptcies? The list might surprise you

Published: Tuesday, July 17 2012 6:47 a.m. MDT

#31 - Chapter 7 bankruptcy Next » 1 of 31 « Prev
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"Chapter 7 bankruptcy is a process of liquidation of personal or business assets because the person or business cannot pay debts. Under Chapter 7, a trustee is appointed to oversee the sale of all business assets, which are distributed to creditors," according to about.com.

"The process begins with a petition from the debtor. The petition includes financial statements and lists all creditors and the amounts of their claims.

"A trustee is appointed by the court.
There are several meetings with the creditors to discuss their claims and attempt to work out agreement on the amounts each will receive.

"The trustee then liquidates all the business property and allocates the money to the creditors according to the priority debt claims determined by bankruptcy laws," according to about.com.
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Frodo
Orem, UT

Wow, you really captured the essence of Davis County with that picture of a... parking lot?

RockOn
Spanish Fork, UT

What a blow to the Utah County image. The Utah County haters must be apoplectic in response.

On the serious side, declaring Chapter 7 for a business is almost NEVER a good idea for all that can be accomplished in Chap. 7 can be done outside of the courts. The ONLY winners in Chap 7 are the Trustees assigned to the case. They'll spend all of the money that is collected for their fees, real or imagined (called "legal theory being explored").

VST
Bountiful, UT

It is not a parking lot @Frodo - it is Main Street in downtown Bountiful.

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