Bankruptcy Statistics for the State of Arizona
Every state has been hit hard by financial difficulties over the past few years. The US has been going through a recession, the job market has been terrible, and the housing/mortgage crisis has impacted millions. Like other states, Arizona too, has seen its share of financial difficulties. As a matter of fact, Arizona has been hit a bit harder than many other states when it comes to financial issues.
In 2007, Arizona residents were doing okay, in relation to the rest of the country. The state ranked 40th in terms of bankruptcy claims. When you consider the fact that they country was already well into some serious financial difficulties at this point, being 40th out of 50 states was not a bad place to be.
Flash forward three years to 2010. Arizona is ranked 13th in bankruptcy filings for the US. This is a huge leap, and it reflects some of the serious unemployment, mortgage and general financial issues suffered by the people of Arizona. Jumping from 40th to 13th is a
Though things seem to be improving for the nation's economy, the effects of this upswing could take some time to reach Arizona, or any individual state for that matter. In the first quarter of 2010, there was no marked reduction in the number of bankruptcies filed in Arizona. In total, over 9,000 bankruptcies were filed during this time. This is still a significant amount of filings, so it appears that recovery may be very slow indeed.
Of the Arizona bankruptcy filings for that first quarter of 2010, 18% of them were for Chapter 13 bankruptcies, and a whopping 82% were for Chapter 7 bankruptcies.
The most recent trends on Wall Street do show that the economy will begin to improve more in the near future, but, again, these improvements are not going to be felt by everyone right away. Financial professionals in Arizona remain hopeful, though, that the bankruptcy filings in the state will begin to decline during the next calendar year.
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The Rosacci Law Firm, PC is a full service civil litigation and transactional firm located in Phoenix, Arizona. We specialize in banktuptcy, estate planning and tax law. Attorneys Victoria Bellomo, Antonio Rosacci.
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As outlined by United States law, bankruptcy is the settlement of the liabilities of men and women or organizations who can't meet their financial obligations.The Beneath the Arizona law, filing bankruptcy instantly puts a stop to all debt collectors from professing their money owed from you, until the money owed are sorted out in accordance with the law.In obtain to record for bankruptcy in Arizona, you first require to collect all your monetary details.You can record the bankruptcy s...
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