Phoenix Bankruptcy Law News

January 2014 Archives

What Is Bankruptcy Court?

Bankruptcy courts have exclusive power to hear all bankruptcy cases. Judges in bankruptcy court are authorized to make the final decisions on your case.

Bankruptcy courts operate on a federal level. In Arizona, there are five federal court locations throughout the state that hear bankruptcy cases. Although federal laws govern bankruptcy proceedings, there are local rules and exemptions that apply only in Arizona.

So how do bankruptcy courts fit into the overall justice system?

Bankruptcy Filings Lowest in Years, Who Still Needs to File?

Good news for Arizona -- bankruptcy filings are low this year. In fact, 2013 marks the lowest number of filings since May 2008.

This year 16,425 Arizonians filed for bankruptcy, compared to the 20,156 filings in 2012, according to AZCentral. Specifically in the Phoenix metro area, bankruptcy filings were down 19.1 percent this year.

While the drop in bankruptcy filings may be a sign of better financial times ahead, it's still important to know what to do if you ever need to file.