According to the United States District Court, there were 1,360 new bankruptcies filed throughout Arizona in October 2017. More than 1,100 of those were handled by a bankruptcy attorney. These figures include filings from each of the offices — Phoenix, Tucson, and Yuma. Compared to the same period in 2016, the total bankruptcies represented about a nine percent increase. October also saw more filings than September despite the historical trend that filings tend to decline a bit before and around the winter holidays.
Looking at the figures by individual chapter, most (~ 81 percent) of new filings were filed under Chapter 7 of the bankruptcy code. Overall, year-to-date, there have been about 3.4 percent more filings in 2017 compared to 2016. Interestingly, Chapter 13 bankruptcies have surged almost nine percent in 2017 versus 2016. This perhaps reflects a shift in debtor perspective or, alternatively, that bankruptcy is affecting an increasingly broad cross section of the Arizona population.
You can also view and compare the filings by individual county. If you’re considering bankruptcy, contact us for a complimentary consultation.