Influx Of Bankruptcies In Arizona
Influx Of Bankruptcies In Arizona
Influx Of Bankruptcies In ArizonaWhen economic indicators go haywire, a Tucson bankruptcy attorney might be concerned. Over the past couple of years, the bankruptcy rate in Arizona has been rising at such an alarming rate that it is enough to worry just about any Tucson bankruptcy attorney. But at the end of the day, all concerns and worry set aside a Tuscan bankruptcy attorney must evaluate the available data and make any necessary adjustments in their practice to accommodate the flow. There are many things that a Tuscan bankruptcy attorney can do in order to prepare for an influx in bankruptcy filings. In fact with the personal bankruptcy rate almost tripling over the past three years, they may actually have to begin activating some of those adjustments. For example in 2007, there were only about 10,600 total personal bankruptcy filings in the state of Arizona. Of that 10,600 approximately 78% opted to file under a chapter 13. By stark contrast, that number nearly doubled in only one calendar year, as there were approximately 19,145 total personal bankruptcy filings in 2008. Still, the majority of personal bankruptcy filers opted to file under a chapter 7-81%, while the other 19% filed under a chapter 13. In 2009, the total amount of Arizona bankruptcy filings had nearlytripled the amount of just two years prior. The personal bankruptcy rate jumped from approximately 10,600 all the way up to nearly 34,000. Of that number, 83% filed under a chapter 7 while the other 17% decided to file under a chapter 13. Growth of this nature as an economic trend and indicator can be downright scary. It can be a predictor of difficult times. What will happen if the bankruptcy rate continues to grow at such an astronomical rate? How long will it be before it begins to stabilize?