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.
Why should you hire our firm to represent you in bankruptcy?
Great question. Here are a few reasons:
- 1. Bankruptcy is our sole area of practice. Attorney Wright has over 10 years of experience in the field of bankruptcy and has helped over 1000 people successfully file.
- 2. Attorney Wright has an accounting background that is useful in analyzing complex financial documents. Prior to law school he obtained a degree in accounting from the University of Wisconsin School of Business. He exercised his strong numerical aptitude in the field of accounting, including several years with The Kohler Co., before ultimately deciding to pursue a law degree.
- 3. New clients meet with an attorney during their first visit. We understand your time is valuable. It is important your questions are answered quickly and accurately so you can take appropriate steps to secure a better financial future and eliminate fear and stress.
4. In business, referrals are the highest form of professional compliment. We frequently receive referrals from other lawyers and previous clients.
- 5. Our firm is small which enables us to focus on quality over quantity. We don’t have billboards on the I-10 or banners affixed to public transportation. Our approach is a bit more understated. We care about people and doing things right and it shows in our low employee turnover and positive reviews.
- 6. Perhaps the most important consideration is the cost of filing bankruptcy. We continuously assess our fees to ensure we offer fair and competitive pricing. We want to offer you a deal without sacrificing the quality of your experience.
Ways we can help…
What our clients are saying…
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.
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!!!
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.
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.
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.