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This March in the Phoenix metro area, the number of bankruptcy filings rose to the highest level so far in 2013. While the economy is improving, many Arizona residents are still facing unmanageable debt loads after going through the recession and the housing crisis. For these Arizonans, bankruptcy can provide a much needed fresh start financially – and now may be a particularly attractive time to file for bankruptcy in Arizona.

Tax season typically corresponds with swell in bankruptcy filings

In Phoenix, there were 1,529 bankruptcy filings in March of 2013, a significant portion of the 2,093 filings throughout the state. This is the highest monthly total so far this year for the Grand Canyon State.

Even though bankruptcies are down compared to the same time period last year, the annual trend of a bump in filings during March, April and May has continued into 2013. For most Americans, tax season means a nice bonus in the form of a refund. A tax refund can be nicely put to use as an investment to cover the initial costs of filing for bankruptcy, like court costs and the cost of hiring a lawyer. It is also important for bankruptcy filers to use tax refunds wisely and at the proper time before filing; a tax refund owed to a bankruptcy filer when they initiate their case will usually be designated to partially repay creditors.

The tax season bankruptcy trend is a nationwide phenomenon, but it has been particularly pronounced in areas of Arizona that were hit hard by the down economy. Typically, the tax season spike in bankruptcy filings begins to ebb in May.

New exemptions further protect Arizona bankruptcy filers

Even beyond considerations involving a tax refund, now may be an especially good time to consider filing for bankruptcy in Arizona. Every state has exemptions that determine how much of a filer’s property is shielded from liquidation during the Chapter 7 bankruptcy process. For most Chapter 7 filers, these exemptions mean that they do not have to surrender any property. Under a new Arizona law signed by the governor in April, the exemption amount is going up in several categories.

The household goods exemption, formerly set at $4,000, will be raised to $6,000, and this exemption now also includes “consumer electronic devices” like iPods and similar items. An additional exemption of $1,000 has been added for computers. Exemptions for cars and wedding rings are both going up by $1,000 apiece, to $6,000 and $2,000, respectively. And, under the new law, animals – including pets as well as agricultural stock – will be safe from creditors in bankruptcy if they are valued at $800 or less, up from the previous exemption amount of $500.

Get your financial life bank on track with help from an Arizona bankruptcy attorney

If debt is a problem in your life, bankruptcy may be a good solution. With an initial investment to cover costs, you can eliminate thousands owed to creditors while hanging on to your cherished personal property thanks to Arizona’s generous bankruptcy exemptions. Contact an Arizona bankruptcy attorney to learn more about what bankruptcy can do for you and to begin building your case.

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Our Locations

  • Phoenix Office – New
    Wright Law Offices 
    2999 N. 44th St., Ste 600
    Phoenix AZ 85018 

    Telephone: 602-456-6085 / 866-703-3287
    Phoenix Law Office
  • Phoenix Office – Old
    Wright Law Offices 
    668 N. 44th St., Ste 320
    Phoenix AZ 85008 

    Telephone: 602-456-6085 / 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

  • Mesa Office
    Wright Law Offices 

    4856 E. Baseline Rd.
    Suite #104
    Mesa, AZ 85206
    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

What our clients are saying…

TOP Rated PHOENIX BANKRUPTCY ATTORNEY

Mr. Wright and his staff were amazing. They made a negative situation a lot better and turned it into a positive. Could really tell they care helping people and I will refer their Phoenix Bankruptcy Attorney firm to friends and family. Thanks again.

Tara
TOP Rated PHOENIX BANKRUPTCY ATTORNEY

I called around looking for the right bankruptcy lawyer and came across Benjamin Wright. He personally called me for the consultation seeing how I live in Kingman AZ. He was very helpful from the start and his staff was very friendly and explained any questions I had, sorry for all the questions. I would definitely recommend Wright law offices, and I do!! Thanks for everything, you made what seemed like a hard thing to do simple!! You guys rock!!!

Steffanie
TOP Rated PHOENIX BANKRUPTCY ATTORNEY

Great lawyer, he really helped my mother out of a jam. She was totally new to bankruptcy and he talked with us for about an hour and a half to make sure she wouldn’t be worried.

Damian
TOP Rated PHOENIX BANKRUPTCY ATTORNEY

Ben is a kind and down to earth attorney. He worked around my busy schedule as a single mom (school, full-time job, and daycare pick up and drop off times). He explained absolutely everything to me and was good about e-mailing. I am writing this review as a THANK YOU.

Shannon
TOP Rated PHOENIX BANKRUPTCY ATTORNEY

I had a very positive experience with Attorney Wright. He or his staff returned my e-mails and calls promptly (even after business hours occasionally). His fees were reasonable. He was patient with me when I showed up in court missing an important document. He is aggressive, but fair and nice.

Jenna