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Arizona bankruptcy rates rise 63 percent PDF Print E-mail
Tuesday, 12 February 2008 15:07

Russ Wiles

The Arizona Republic

Feb. 11, 2008 04:06 PM

Arizona bankruptcies remain at elevated levels as the economy slows and credit ills linger, though the pace of increase may be easing.

The 967 statewide filings in January represented a 63-percent gain over January 2007, according to the U.S. Bankruptcy Court for the district of Arizona. Phoenix-area filings rose 78 percent to 708.

"I expect bankruptcies will continue to increase, most likely over the next two years but certainly while we're in the middle of this real estate downturn," said Diane Drain, a Phoenix attorney.

Yet the number of filings have leveled off in recent months, for the state and Valley, since peaking in October.

Chapter 7 bankruptcies in January accounted for nearly three in four filings both in the Phoenix metro area and statewide. These liquidation plans offer a fresh financial start to consumers and businesses.

They have been rising faster than the other main category, Chapter 13 filings, which are court-sanctioned repayment plans available to consumers with regular income.

Many homeowners and real estate investors haven't been able to work out solutions with creditors so have opted for bankruptcy, Drain said.

Arizona filings are up more than those for the nation as a whole. U.S. bankruptcies gained 30 percent in January from January 2007, according to the American Bankruptcy Institute


http://www.azcentral.com/news/articles/0211biz-bankruptcy0212-ON.html
 

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