Green Shoots for Phoenix Area Bankruptcy Court (Mesa: sales, good credit)

[azjack]

"For all of 2009, the Valley logged 25,104 bankruptcies, up nearly 82 percent from 13,817 in 2008, reported the U.S. Bankruptcy Court in Phoenix. Statewide, 33,960 businesses and individuals filed for protection from creditors, up from 19,147 in 2008. Statewide filings increased 64 percent in December.

"Usually, December is a slow month, but we didn't see much of a slowdown," said bankruptcy attorney John N. Skiba of law firm Jackson White in Mesa."


Valley bankruptcy filings in 2009 top 25,000

[las vegas drunk]

Originally Posted by azjack

"For all of 2009, the Valley logged 25,104 bankruptcies, up nearly 82 percent from 13,817 in 2008, reported the U.S. Bankruptcy Court in Phoenix. Statewide, 33,960 businesses and individuals filed for protection from creditors, up from 19,147 in 2008. Statewide filings increased 64 percent in December.

"Usually, December is a slow month, but we didn't see much of a slowdown," said bankruptcy attorney John N. Skiba of law firm Jackson White in Mesa."


Valley bankruptcy filings in 2009 top 25,000

Yes, unfortunately a lot of people do not understand how to manage their money properly. When you add the tanking economy, this is the result unfortunately.

[shiphead]

I am not playing the blame game here. It is more of a lack of understanding on my part. Why do banks require a certain amount of debt and credit rating to loan to people. While a lack of income doesn't matter to them? For example, if someone was unable to loan a car when they had a good credit rating,no debt, and living paycheck to paycheck. They say the person is too liable because they don't have enough debt. Not because of their income situation.

Then you rack up $500 to $1000 in debt, pay the credit card for a couple months and try again. You are then able to get a loan. Then 6 months down the road you loose your job and never saved any money because you were living paycheck to paycheck already. Then you are living above what you can afford. What kind of weird practice is this?

[Phxmod]

its funny to see this when home sales in the valley are at an all time high..its like half the population is bankrupt, unemployed, underemployed, and the other half is living the dream of buying a home at a once in a lifetime deal..

[azjack]

In the comments section of the original AZ Republic article, someone said that he knew of people waiting to file bankruptcy until they received their tax refunds to pay for their legal fees. I have to say, this never occurred to me. Has anyone heard of people in the position of being essentially too broke to go bankrupt and waiting for their refund?

[Bungle]

Originally Posted by azjack

Has anyone heard of people in the position of being essentially too broke to go bankrupt and waiting for their refund?

Yup. This just happened to my mother-in-law. Except she didn't wait for her refund...my wife and I had to loan her the money

[YAZ]

Originally Posted by Phxmod

its funny to see this when home sales in the valley are at an all time high..its like half the population is bankrupt, unemployed, underemployed, and the other half is living the dream of buying a home at a once in a lifetime deal..

I'm seein' the same thing.....