Phoenix Bankruptcy Law News

February 2014 Archives

85% of Arizona Bankruptcies Were Chapter 7 in 2013

Arizona residents file for Chapter 7 bankruptcy far more than they do Chapter 13, according to the U.S. Bankruptcy Courts' statistical findings for 2013.

According to these statistics, 19,513 residents filed for Chapter 7 bankruptcy in the state last year. By contrast, only 2,935 individuals filed for Chapter 13 bankruptcy. Why the stark divide between Chapter 7 and Chapter 13?

Here are a few reasons why people might favor Chapter 7 over other forms of bankruptcy: