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Almost 18,000 Utah residents filed for personal bankruptcy in 2010, taking the state higher in the national per capita bankruptcy filing rankings to no.9. The number of total bankruptcy filings in 2010 has hugely surpassed the figures of 2009. Experts are nervous that this trend might continue; consider the large number of bankruptcy filings in the opening months of 2011.

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Bankruptcy attorney, Kent Winward blames the ineffective economic policies for the surge in personal bankruptcy filings. He also points out the fact that those who filed for personal bankruptcy in 2003 are now eligible to file again for protection and this may have contributed to the rise in numbers from last year.

At present there are 6.5 bankruptcies per 1,000 Utah residents. However, Nevada, Tennessee, Alabama and Georgia are the states with the highest personal bankruptcy filings.

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A new study which was published in the American Bankruptcy Institute's ABI Journal recently in September 2010 has shown that the Baby Boom generation are becoming the huge portion of individuals who are or have filed for personal bankruptcy.

The recent study entitled 'Aging and Bankruptcy Revisited' used data from 1994 to 2007, finding that 42 percent of individual bankruptcy filers were within the age of 45 and 64 years old. This means that the baby boomers who are now the aging population have increased the number of bankruptcy applicants who are filing personal bankruptcy that are over the age of 55. This is a huge concern for those who cannot afford to pay off their debt. With an aging population this also means that the more debt that has been accumulated the more troubles will come for the economy of the United States as well as the children of the baby boomers.

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There have been recent changes to the Chapter 7 bankruptcy United States code which is now restricting the eligibility of individuals who apply for this type of bankruptcy. According to the new revised laws, applicants can still choose the type of bankruptcy they wish to file for. In most individual cases who are filing for personal bankruptcy, this is Chapter 7 bankruptcy, otherwise known as the liquidation type.

The revised version of this law however states that individuals with higher incomes will not longer be able to apply for Chapter 7 bankruptcy. To determine whether your are in fact eligible, individuals are recommended to check how much income they earn, which can be done online through an online calculator.