Comments about ‘Bankruptcy filings rose 56% last year in Utah’

This topic hits a painfuil spot for me and I wish that something could be done to make it harder for people to file bankruptcy just to get out of their responsibilities. I was in an abusive marriage for many years and my Exhusband not only had an excellent job but a relative that is a bankruptcy attorney , We went to trial 3 times to try to get belongings for my childreh and I. I was finally awarded alimony so my exhusband filed a dishonest bankruptcy , I refused to join it because it was ridiculos . Now all creditors come after me the icing on cake his he took me back to court to modify the degree he did not have proof of income but he had the bankruptcy and his relative attorney . The judge took one look at the bankruptcy and I lost all my alimony. My Exhusand then got on a plane the next day and went out of the country on vacation for 6 weeks. this was devastating and I still cannot believe that this happend.Bankruptcy is a easy way to get out of responsibilities Something should be done about it. I am one of thousands.

looks like the low wages in Utah are not a guarantee of steady work. Such a shame that Utah is falling into the abyss too. No wait, Utah has always had the highest bankruptcy filings in the nation. So much for the poverty level wages here.

Like 'Taken' said there are those who live to cheat responsibility there are many more who lack the understanding of personal finance. Also disclosure of credit is very weak and not forthcoming, especially from out of country lenders who are not subject to our laws.

Many times debts are incurred by children without parents knowledge and parents become the responsible party. The new law restricting children from being given credit cards is one of the better changes in recent laws. As time passes loop holes are found in the law and children are still abused by unscrupulous lenders.

Then of course there is the government and banks who are still actively promoting consumer spending. Some believe with gullible ignorance that the economy is improving and jobs are secure until its too late, they are upside down in debt. Some habits are hard to control, and spending is the worst.

This report neglected to say why there is more bankruptcy. Many are from hospital lawsuits that are running rampant with a fraudulent corporate medical system who are forcing many of these bankruptcy's after preying on the sick and their families with fraudulent charges and billing.

When will the State of Utah and all other cities in the State, STOP raising TAXES. We cannot pay for those who have lost their homes. STATE, CITIES start laying your own people off and solve you problem like a man.

Sorry to hear about your situation. However, there are people who do need this alternative.

Let's see, paying 10% of your wages to charity. Large families. Below average wages in the state. No, no correlation to bankrupcy.

Tell this sad story to all the people who got TAKEN By Madoff. I bet they will fell real sorry for you. If your story is true. GOOD nice to see A guy win one in the state of Utah dont happen very often.

Poverty level wages? Are you kidding me? If you compare salaries to other states, then the relative cost of living, Utah fares VERY well. The problem isn't with Utah having low wages, it is that you don't have any marketable skills. There are MANY high-paying jobs if your skills are in demand. I am making more now than I did in CT, doing very similar work. And the cost of living was MUCH higher in CT.

Unemployment and medical bills are the two leading factors in personal bankruptcy. But these are the areas that the Republicans and the banks fight hardest to keep from being reformed. They don't understand that bankruptcy is bad for business, they take the short term view. Invest in a good health care and insurance system, and invest in job creation, and bankruptcies go down in the long run.

The problem is not low wages, large families, or tithing. The problem is not knowing how to live within our means. What is the point of paying tithing if you are going to ignore the prophet when it comes to debt?
When you go to Sunday school, everybody cheers when the teacher says "the prophets told us to say out of debt". Then when you look at what houses sell for, and compare it with what people make on average, you begin to wonder how many of those who cheered believe it enough to actually do it.
If we, as Latter-Day Saints, live the gospel only half-way we are only going to embarrass ourselves.

I wonder what percentage of bankruptcies are caused by circumstances beyond the control of the person filing. Surely, there are many cases where responsible people are overwhelmed by debt due to illness, accident, or prolonged unemployment.

But I'll be willing to bet that the majority of cases are caused by irresponsible behavior. People living way beyond their means and financing their lavish lifestyle to the point where they can't possibly pay it back.

I would agree with the factors you listed. However, a big one is lack of health insurance. I have neighbors who are out of work and about 50 years old. They're one medical event away from losing their homes. Then we have genius leaders like Carl Wimmer railing against health care reform. May be Carl and Shurtleff will have leave the union, since they know best.

My ex declared bankruptcy as well. The IRS got all of his account receivables and I got all the bills/creditors along with the children - no alimony ever paid and child support seldom paid. The system is broken.
I have finally paid off all the debtors who would work with me. Only one was unscrupulous enough to demand the entire amount immediately as an "all or nothing" tactic. I refused to pay them anything ever. Every once in a while they try again but there is a statute of limitations on debt collection. I'm grateful for that.

Don't forget the credit card mega companies that bombarded our mailboxes with offers of easy credit, balance transfers and credit for everyone from college kids to the poorest among us. They have ruined our economy. At least now the savings rate is no longer in the negative. Through this economy people are saving a little bit. Wages have been stagnant for years and we are worse off than our parents. The amount one can get for savings is what, 1% or so, while it is not uncommon for the credit card companies to jack up peoples credit so fast in the past year that it would be impossible to pay off, mine have gone from 9% fixed and some cool 0% balance transfer offers to 17.9% and I'm a pay them off type customer (who I now hear we are the deadbeats-those who don't carry a balance). Some have rates in the close to 30% range. I see so many charge the medical bills, use credit cards as a way to make up the difference between unemployment and lost wages and groceries. What a pit these greedy companies have put the American consumer in.

Please pray harder! All will be well!

Home prices need to keep coming way down. They do not match median income.

But I thought UT was a conservative state. And conservatives are fiscally responsible.

Sounds like all the "beef" people have with Obama in this state may just reek of hypocrisy. Something stinks in the state of UT.

The worst is yet to come for business - especially small business. Wait until Obama-care is passed by the dem's and business is forced to pay into the pot with a boat load of new taxes. Yes pay into the pot but get NOTHING in return for 3 years. Just what business's need - a forced donation to socialized health care and all of this in a time when they can't afford to offer any insurance coverage as it is to their employees. But hey - remember "HOPE and CHANGE" and you can now be a part of it!!!

Bankruptcy is a lagging economic indicator. It trails unemployment. As unemployment remains high throughout 2010 and property values remain stagnant, we will see many more bankruptcy filings in 2010 than we saw last year.

Re: Anon | 7:43 a.m. Jan. 7, 2010
Poverty level wages? Are you kidding me? If you compare salaries to other states, then the relative cost of living, Utah fares VERY well. The problem isn't with Utah having low wages, it is that you don't have any marketable skills. There are MANY high-paying jobs if your skills are in demand. I am making more now than I did in CT, doing very similar work. And the cost of living was MUCH higher in CT.

Actually, I have a Masters in a Liberal Arts University (U of U). The wages here are much lower than any other state in the US. Go the the US dept of Labor and look at the statistics state by state. I tend to think you are an anomaly.