BankruptcyLike most of Utah, the south Salt Lake valley was settled by pioneers during the 1850’s, predominantly Mormon pioneers who had come from the east, and from areas all around the world to find religious freedom.

Together these early settlers banded together to survive threat of native aggression, shortages of food, and the back-breaking hardship of scratching a living out of land without an easily accessible water supply. More settlers came into the region overall with the installation of irrigation canals in the late 1800s. Since then, this area along the I-15 corridor has experienced amazing growth in industry, manufacturing, and tech. Here in the southern Salt Lake today, we’ve inherited traditions of hard work, community, and family values from our pioneer forebears.

The Valley is Experiencing Unprecedented Growth

Even as recently as the last couple decades, the southern Salt Lake Valley region is seeing levels of growth and development that have seldom been matched. We see businesses and major corporations sprouting up in Riverton, and houses and developments being built everywhere in Draper, with about 50% of homes built since the year 2000. The growth of tech startups in the area has given rise to the name “Silicon Slopes.”

Bankruptcy in Draper

It’s a sobering turn of subject, but we know that where there’s amazing growth, there’s also the possibility of personal economic downturn. Bankruptcy is a word that no one wants to deal with, but when insurmountable economic challenges come, the blank slate of bankruptcy might be just what you need in order to get your feet back under you.

In Draper, the average household income is 92k. The average property value is $366,000, which is over $100,000 more than just a few years ago. The population has almost doubled since 2000. However, high income also means a higher cost of living. And a high cost of living makes it even harder to make ends meet when money stops flowing in.

Challenges that Lead to Bankruptcy

Bankruptcy can be precipitated by a variety of factors. This might include divorce and family issues, health challenges that lead to crippling medical bills, and a business going under, especially if you’re the owner. If you’re considering bankruptcy, contact Utah’s leading bankruptcy law experts. Rulon T. Burton has a wealth of experience and expertise in the field, and we understand the intensely personal nature of these struggles, so we handle each case with personal care and sensitivity.