ARIZONA BANKRUPTCY FILINGS RISE IN 2019
State-wide, the number of bankruptcies in Arizona are up in 2019. According to the U.S. Bankruptcy Court, bankruptcy petitions filed across the state rose 3.2%. In fact, Arizona bankruptcy filings rose in 2017 and 2018.
In Arizona, the Tucson bankruptcy office processed .6% more bankruptcy petitions from Pima, Cochise, Graham, Greenlee, Pinal, and Santa Cruz counties. Filings received by the Phoenix office were up 4.2% from 2018. Debtors in the counties of Maricopa, Apache, Gila, Coconino, and Navajo counties file in Phoenix. Yuma, Arizona’s court filings rose 2.1% encompassing Yuma, La Paz and Mohave counties.
Specifically, Chapter 11 bankruptcy filings in Arizona are up 5.7%. Chapter 7 cases rose 3%. Chapter 7 bankruptcy involves liquidating assets to pay creditors and is typically filed to help debtors wipe out overwhelming unsecured debts. Chapter 11 protects business debtors from legal action while they construct a payment plan to repay creditors.
Data used for charts was taken from the United States Bankruptcy Court District of Arizona website. “District of Arizona Statistical Table 2018.” Filing Statistics | District of Arizona | United States Bankruptcy Court, United States Bankruptcy Court, www.azb.uscourts.gov/filing-statistics.
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