New Record Unemployment Filings Could Spike Bankruptcy Numbers

by Alison C Briggs on Apr. 02, 2020

Bankruptcy & Debt Bankruptcy & Debt  Bankruptcy Bankruptcy & Debt  Reorganization 

Summary: Record Unemployment Rates could be a clear indicator of the dark financial days looming. 6.6. Million people filed for unemployment for the week ending 3/28/2020. These high numbers may lead to an influx of bankruptcy filings in the near future.

89,100 File for Unemployment in Arizona, Now What???

Out of work Arizonans turned out in record numbers to file for unemployment this past week.  The 89,100 filings leaves many wondering what the next step may be.  Several of the unemployed may soon find themslves seeking debt relief through filing for bankruptcy protection.

Nationally, for the week ending March 28, 2020 there were over 6.6 million unemployment claims filed.  In Arizona, there were 89,100.  Both were record setting numbers.  These numbers are reflective of before Governor Ducey put an April 1st "Stay at Home" order into place.  Next week's numbers will probably be even higher as the first week of Ducey's order will be reflected.  Early estimates are claims will be in the hundreds of thousands in Arizona alone next week.

With little relief in site, the financial futures of thousands of Tucson residents hang in the balance. The high numbers of unemployment claims are in direct correlation with the COVID-19 pandemic that has not only impacted Arizona but all of the world. Though roughly 93% of all Tucson residents who have filed taxes will be receiving stimulus aid from the government in the near future.  This much needed money will only go so far when so many Tucson residents are facing job loss and a questionable future.  

One of the leading causes of people needing to file for bankruptcy is the loss of a job.  The number one reason that people file bankruptcy is medical expenses.  The current Coronavirus pandemic unfortunately could impact a person's life negatively through either loss of a job/income, through unexpected medical bills or both.

If your life has been impacted by the COVID-19 virus and need to save your home, your vehicle, or just need debt relief and a "Fresh Start".  Call our Tucson bankruptcy lawyers today.  All of our Arizona bankruptcy office is currently offering Bankruptcy by Phone.  This option is available here to help you.  Not only are you able to complete your free initial consultation but also through telephonic, scanning, e-mailing, and other Coronavirus safe methods.  We are open and here to help you through this current pandemic.

Some of the helpful services offered by our Arizona debt relief offices include:  Chapter 7 bankruptcy, Chapter 13 bankruptcy, Emergency Bankruptcy Filings, Bankruptcy by Phone, COVID-19 safe BK filings, Arizona Zero Down Bankruptcy, and From Home bankruptcy filings. 

 

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