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Tucson Bankruptcies on the Rise Now

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By : John Smith    99 or more times read
Arizona has always been part of the last frontier. During the recent economic downturn, the amount of bankruptcies has grown exponentially. Perhaps the largest percentage growth in bankruptcies occurred in the Tucson area. The city of Tucson has long been a more struggling portion of Arizona, leaving these statistics to not be so surprising in the end. The Tucson economy was extremely hard hit during the initial signs of the economic downturn that began initial phases in 2006.

Tucson is known as a vacation and health resort economy due to its sunny, mild, and dry climate combined with a beautiful and unique location. As numerous consumers began traveling less, the Tucson economy and its citizens quickly began to feel the effects, causing many of them to file bankruptcy at alarming rates.

The climb of Tucson bankruptcies began in 2007, just prior to the large economic downturn of the country. In fact, in 2007 alone, the amount of bankruptcies increased to over 68% of the prior year, allowing for an alarming trend to appear. In 2008, Tucson experienced over 7,451 bankruptcies filed throughout the entire year. This number is in the top 10 cities throughout the United States, revealing an alarming rate of troubled citizens.

In 2009, Tucson began seeing large drops in the amounts of bankruptcies filed with a 37% decrease from 2008. While this number is still higher than normal, it still continues to alarm local economic officials. Many of them contribute this decrease to people simply leaving the city and/or have already filed, casting a shadow of gloom over promising percentages.

Bankruptcy attorneys are lowering their fees and providing complimentary services to ensure consumers’ rights are protected and to assist in handling the alarmingly increased case rate. While filing bankruptcy has continued to be a complicated process, the city of Tucson continues to make strides toward increasing their consumers’ economic status.
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