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From 2007 to 2008 the number of Arizona bankruptcy filings increased 69%. That is an astounding increase but not totally surprising given the state of the current economy. The fallout over the housing drop in Arizona has had a tidal wave of implications for just about every Arizona resident.
The Arizona bankruptcy courts are located in Phoenix, Prescott and Yuma. If you are considering bankruptcy in Arizona we highly encourage you to consult with a licensed Arizona bankruptcy attorney listed on our website.
Mounting job losses have caused many Arizonan's to face home foreclosure and some have attempted to sell their home through various processes, such as short sales.
The odds of the Arizona housing market improving soon are still unknown. The Phoenix metro area has relied heavily upon housing to fuel the rest of the local economy. It is an economy that also relied upon tourism. Unfortunately, both industries have suffered greatly. Once we see housing market recovering, jobs will be close behind. There are reports that tourism has picked up once again, particularly by those winter visitors from cold weather climates.
But Arizona is not alone in its struggles. Nationwide there were approximately 108,000 bankruptcy filings in October 2008 alone. That was a 34% increase from the year before.
Are you drowning in debt? Are you having trouble meeting your financial obligations? Do you need the assistance of an Arizona bankruptcy attorney? Contact one of ours listed on the website. Your initial consultation is FREE.