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Bankruptcy in Prescott, AZ

City-data.com is a website that lists statistics about American cities and towns. Recently, I spent some time looking at the numbers for Prescott and Prescott Valley. I can’t really tell you why I decided to check up on Yavapai County, but I did and what I found out led me to some interesting thoughts regarding bankruptcy in Prescott. Whenever I look at bankruptcy in an area I start off by diving into the data relating to housing and income. Prescott has a fairly low median income for Arizona at $41,010 where as Arizona as a whole has a median income of $48,745. This in and of itself is not that interesting, but it’s the housing prices in Prescott that draw questions.

The median house value in Prescott is $285,562 nearly $100,000 more than the median for Arizona as a whole. This points to two unique factors at work in Prescott, firstly the lower income and higher house prices means this is a retirement area, and secondly the higher house prices means this area wasn’t as hard hit by the housing crisis as was the rest of Arizona. The idea that Prescott and Prescott valley is an ideal retirement area is nothing new, in fact a few months ago Yahoo.com listed it as one of the best underrated retirement areas.

Unfortunately, with low incomes and high home prices Prescott is especially vulnerable to market forces. This can result in crushing mortgage payments. Sometimes the best and only solution is to file for bankruptcy. A lot people have misconceptions about what filing bankruptcy means. Bankruptcy means a fresh start. After filing a bankruptcy people are still able to get car and home loans, it’s not a scarlet letter that will stop all financing. It doesn’t mean you will lose your house or car. Often times within a year or two of filing a bankruptcy people will have credit scores in the high 600s or 700s.

The prospect of filing for bankruptcy can be frightening, but it doesn’t have to be. Let one of our skilled attorney’s talk to you and explain the process and benefits of filing for bankruptcy. Please contact us at 623-258-4480 so you can meet with one of our attorneys for a free consultation at our Prescott office.



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Office Locations

Phoenix Office
Wright Law Offices
668 N. 44th St., Ste 320
Phoenix AZ 85008

Telephone: 480-845-0145 / 866-703-3287
Phoenix Law Office

Scottsdale Office
Wright Law Offices
7135 East Camelback Road, Ste 230
Scottsdale AZ 85251

Telephone: 480-845-0145 / 866-703-3287
Scottsdale Law Office

Tempe Office
Wright Law Offices
2238 S. McClintock Dr.
Tempe AZ 85258

Telephone: 480-845-0145 / 866-703-3287
Tempe Law Office

Avondale Office
Wright Law Offices
12725 W Indian School Rd, Suite E-101
Avondale AZ 85392

Telephone: 623-258-4480 / 866-703-3287
Avondale Law Office

Prescott Office
Wright Law Offices
1129 Iron Springs Rd
Prescott AZ 86305

Telephone: 623-258-4480 / 866-703-3287
Prescott Law Office

Mesa Office
Wright Law Offices

1731 W. Baseline Rd.
Suite #100
Mesa, AZ 85202
Telephone: 480-845-0145 / 866-703-3287
Mesa Law Office

Glendale Office
Wright Law Offices
20325 N. 51st Ave., Suite 134
Glendale, AZ 85308
Telephone: 623-258-4480 / 866-703-3287
Glendale Law OFfice

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