2009 was not banner year for the average Arizona resident. Nationwide, consumers and businesses alike declared bankruptcy in numbers that made 2009 the 7th worst year for bankruptcy filings in history – an increase of 32% from 2008. But Arizona was the hardest hit state in the nation, with a jump in filings of a whopping 77% over the previous year.
The bankruptcies in Arizona are caused by a variety of different factors, from adjustable rate mortgages to job loss to small business owners hit hard by the downturn in the economy. The net effect is a rate of bankruptcy filings almost as high as in 2005 – the year before bankruptcy reform legislation went into effect.
Some experts point out that the recent surge has only proved that the 2005 overhaul to the bankruptcy system was a failure. Making the process more costly, complicated and time consuming will not keep people from seeking the protection they are entitled to when they simply can’t pay their debts with their current income.
While Arizona had the largest jump in bankruptcies, Alaska, Nebraska and North Dakota fared the best – even so they all still experienced a double digit increase over 2008.
At The Pew Law Center, PLLC, we believe that your life shouldn’t be defined by debt. We have helped hundreds of people just like you find the relief they deserve from harassing bill collectors, paycheck garnishment, foreclosures proceedings, and – most importantly – the constant worry about money and what to do about your debts.
We are a dedicated debt relief law firm. We help people file for bankruptcy or work through tough tax problems every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing debt. Please don’t wait another moment. Call us right away– our attorneys will help get you the fresh start you deserve.