Bankruptcy Numbers in Scottsdale, AZ
President Obama organized and released funds to the hardest hit states in an attempt to help stop home foreclosures, which would also help the bankruptcy rates. Arizona is one of the hardest hit states with both problems. People are losing their homes back the banks due to the predatory lending practices they were subjected to over the borrowing years placing the state in the top five states for bankruptcies and foreclosures. If you live in Scottsdale, 5.64 people out of a 1,000 are filing bankruptcy, those rates up from 2007 where the figure was 1.6 in 1,000.
The figures coming from a Scottsdale bankruptcy lawyer is that 82% of the new bankruptcy filings are for Chapter 7 and 18% for Chapter 13 with numbers of filings pushing around 2,000 per month. Unemployment rates are continuing to stay above 9% and the money President Obama earmarked for mortgages is still not being handed out. If you are an Scottsdale bankruptcy attorney, you have more work than you can handled and the people just keep coming to file as the stock, job, and housing market stay on the losing end of the spectrum from being healthy.