Bankruptcies fall in Arizona during first half of 2011
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Bankruptcies fall in Arizona during first half of 2011

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Less people filed for consumer bankruptcy in Arizona during the first six months of 2011.

Consumer bankruptcy filings in Arizona seemed to taper off a bit during the fist half of 2011, according to the Arizona Daily Star.

There were 19,080 consumer bankruptcy petitions filed during the first six months of 2011, a 7.5 percent decrease compared to the same period in 2010. About 3,052 petitioners filed for Chapter 7 protection, down 8.5 percent from last year, the newspaper reports.

However, Chapter 11 filings in Tuscon have increased over the past year. There were 49 such bankruptcy petitions during the first half of this year, compared to 40 in 2010. A majority of those filings were from companies connected to bad real estate deals, according to the media outlet.

"I'm continuing to see a lot of problems with commercial real estate," a local bankruptcy attorney told the newspaper.

There were 41,193 consumer bankruptcy petitions filed in Arizona last year, according to the American Bankruptcy Institute, up from 33,022 in 2009.


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