It's a rough ride on the financial rollercoaster for Arizonans this year, with over 1,200 individuals hitting the brakes and filing for personal bankruptcy in the early months of 2024 alone. This uptick in bankruptcy filings is not just a blip on the radar; the whole of 2023 experienced a 7.2% increase in such filings across the state, painting a not-so-pretty picture of personal finances in the desert landscape, ABC15 News reported.
With Arizonans grappling with whether to file for Chapter 7 or Chapter 13 bankruptcy, ABC15 is stepping up to the plate. Teaming up with local attorneys for an Ask An Attorney phone bank, the station is set to guide folks through the thorny thicket of financial recovery. And while burning questions about debt discharge and whether to fly solo on the filing front loom large, potential filers might just find an out-of-court lifeline, with alternatives like settling debts and credit counseling on the table.
Bankruptcy is no walk in the park, and for those on the brink, the State Bar of Arizona is throwing a lifeline, putting attorneys on the air from 5 p.m. to 7 p.m. on Feb. 21 to answer the hard-hitting questions. They've put out the call at 1-855-522-1515, ready to tackle everything from eligibility based on household income to the murky waters of non-dischargeable debts.
Last year's rise in bankruptcy wasn't the only economic shadow creeping over Arizona. Despite a 1.6% population boost from 2022 to 2023, according to the Arizona Office of Economic Opportunity figures, even with a growing population, folks couldn't escape the clutch of financial woes. Maricopa County was hit the hardest, chalking up a staggering 6,304 filings. But not every county got caught in the tempest; Santa Cruz, Cochise, Navajo, and Greenlee found a silver lining with a decrease in filings, as per AZ Economy.
This financial turmoil reflected a state trying to keep its head above water in a turbulent economy. While inflation showed signs of simmering down, with Phoenix seeing a minor reprieve in rising prices, the 0.3% rise in the Consumer Price Index suggested that the economic pressure cooker was still on the heat. As Arizonans navigated these choppy financial waters, jobs fluctuated, unemployment rates wobbled, but hope sparked with gains in nonfarm payroll jobs in December, signalling potential stability on the horizon.
