Arizona bankruptcies continue to top the charts with a whopping 77% increase over a year ago as national figures show the rate soared 41% from 2008, even as reports indicate improvement in housing and higher consumer confidence.
The American Bankruptcy Institute in Alexandria, Va. said September filings totaled 124,790, the fourth-highest month since the bankruptcy law changed in 2005. Filings also rose 4% from August.
In Phoenix, the U.S. Bankruptcy Court in its monthly report released Wednesday said filings for the state climbed to 3, 323 while metro Phoenix area saw an 85% increase with 2, 472 filings. High unemployment and debt overhang were cited as factors.
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Nationally, the ABI said September's filings pushed 2009 consumer bankruptcies to 1.05 million, the highest for the first nine months of a year since 1.35 million in 2005. The ABI said it expects consumer bankruptcies to climb to more than 1.4 million this year.
"Chapter 13 filings constituted 28 percent of all consumer cases in September, unchanged from the August rate," said the ABI.
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