Bankruptcy: Facing Financial Hardship and Foreclosure in Tucson
By: Max Gunderson | Posted: 24th September 2010
Each year, over 1.5 million people, roughly 2% of the population of the United State, file for protection through chapter 7 or chapter 13 bankruptcy. On almost a weekly basis, we learn about another corporation, airline, or investment firm facing bankruptcy. Today in Arizona, with the sub-prime mortgage crisis impacting the housing market, we learn of irregular underwriting practices and outright fraud on the part of financial institutions. This has left millions of Americans facing foreclosure and bankruptcy. Many of the residents of Tucson are among the multitude of Americans facing financial hardship. These people have little other choice but to consider bankruptcy and foreclosure.
The state of Arizona has always been part of the last frontier. During the recent economic downturn, the amount of bankruptcies has grown exponentially. Perhaps the largest percentage growth in filing for bankruptcy in Arizona has occurred in the Tucson area. In 2009, Tucson began seeing large drops in the amounts of bankruptcies filed with a 37% decrease from 2008. While this number was still higher than normal, many economic officials were still concerned that the decrease was credited to people simply leaving Tucson and/or the fact that many people in Tucson had already filed for bankruptcy protection. These circumstances cast a shadow of gloom over those promising percentages that Tucson had presented in the early parts of 2009.
As 2010 came to Tucson, so came additional bankruptcy filings by the residents of Tucson. Bankruptcy filings for March 2010 increased to 866 filings for Tucson counties up from 628 filings from march 2009. An increase of 37.9% for all bankruptcy filings in Tucson counties. People crushed by mounting debt, harassed by debt collectors and banks, or facing foreclosure and repossession, should not feel alone or be ashamed to find themselves considering chapter 7 or chapter 13 bankruptcy help from a bankruptcy attorney.
The city of Tucson has long represented a higher bankruptcy filing rate by its residents. The Tucson economy was extremely hard hit during the initial signs of the economic downturn that began initial phases in 2006. Tucson relies heavily on vacationers, resort-goers, and travelers to fuel its economy. Tucson’s sunny, mild, and dry climate combined with its beautiful and unique location has made it the perfect destination. As numerous consumers began traveling less, the Tucson economy and its citizens quickly began to feel the effects, causing many of them to file bankruptcy at alarming rates.
In times of financial woe, seeking counsel from an experienced bankruptcy attorney is of utmost importance for individuals and businesses alike. While bankruptcy may not be for everyone, the bankruptcy attorneys at The Bornmann Law Group law offices in Tucson can help assess your debt problems and offer legal options that are right for you.
If you have questions about the process of filing Bankruptcy in Arizona please contact the affordable bankruptcy lawyers and attorneys at the Bornmann Law Group, PLLC (480) 263-1699 or (520) 306-8729 for a free initial consultation to discuss your legal options in avoiding repossession and filing Bankruptcy in Arizona. With locations in Phoenix, Chandler, Tucson, and Flagstaff we are an Arizona debt relief agency and help people file for Bankruptcy under the Bankruptcy Code. Don’t lose everything. Get a "Fresh Start" today. Visit our website at http://www.bankruptcy-az.com for more information.This article is free for republishing
Printed From: http://www.goinglegal.com/bankruptcy-facing-financial-hardship-and-foreclosure-in-tucson-1761850.html
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Tags: chapter 13 bankruptcy, financial institutions, debt collectors, sub prime mortgage, bankruptcies, financial hardship, state of arizona, filing for bankruptcy, investment firm, bankruptcy filings, bankruptcy protection, economic downturn, bankruptcy attorney