Bankruptcy filings in Ariz. up 60% from last year

The East Valley Tribune reports, "Thousands of Arizonans facing financial crisis began 2008 by filing bankruptcy. The number of Arizonans lining up to file bankruptcy was up more than 60 percent through February, compared to the first two months of last year, according to the U.S. Bankruptcy Court of Arizona. That number is 74 percent in the Valley."

"Statewide, bankruptcy filings totaled 2,041 through February, up from 1,252 through February 2007. In the Valley, filings totaled 1,504, up from 865. Most of the filings represent consumers seeking Chapter 7 liquidation."

"'I think persistently high fuel cost is not helping the situation,' said Anthony Clark, a Valley-based bankruptcy attorney. 'I think the trend might reflect homeowners who have exhausted all other options and alternatives, and finally asked about bankruptcy. I think you’re seeing people who made a decision that they’re going to stay in their houses and they’ve run out of options, so now they are coming to the bankruptcy arena to get some relief as an option.'"