The Arizona Federal District Courts recently released their year-to-date Bankruptcy filing statistics for Arizona, which can be seen here.
Of specific note is the decrease in overall filings for virtually all Bankruptcy types (Individual Chapter 7 and 13 and Business (or higher value Individual) Chapter 11, and the lesser used Chapter 9, 12, and 15). Generally, the decrease is about -12% across the board.
However, instead of the monthly filings being even over each month, you’ll notice a surge during March, April, and May. I believe this is due to waiting for your tax return to come in and spending it before you file. Although this is permissible, many people who’ve filed without the advice of an attorney quickly find themselves wishing they hadn’t made certain purchases. There’s a list of items you can put the money from your tax return towards, and if you spend it on items outside that list, you’ll be paying it back to the Trustee.
If you need to file Bankruptcy, don’t do it alone. Contact us today to protect yourself and get back on your feet financially, mentally, and emotionally.