Bankruptcy filings in Utah fell for the second month in a row in May, but they continue to come in at a faster rate than last year.
The U.S. Bankruptcy Court for Utah reported Thursday that 1,074 petitions were filed in May, down from 1,270 in April and a record 1,323 in March. The court said 945 petitions were filed in May 1997.The largest drop in May came among people filing for Chapter 7 bankruptcy, with 624. Another 447 filed for Chapter 13.
Under Chapter 7 bankruptcy, a trustee is appointed to collect and sell all of a person's property. With Chapter 13, a person is allowed to set up a plan to repay at least some of his debts.
A record 12,127 people filed for bankruptcy in Utah in 1997, and 5,913 have filed so far in 1998.