In July, Phoenix logged 1,225 Chapter 7 and Chapter 13 bankruptcy filings, up 112 percent from the same month last year. Chapter 11 business reorganizations hit 26, up 86 percent from a year ago.
Chapter 7 is a liquidation proceeding, while Chapter 13 is another type of reorganization that allows consumers and small businesses to repay debts over three to five years.
August 26, 2008 by Realtor John Wake
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John Wake
Born in Phoenix, trained as an economist and now a licensed Realtor, John uses hard data from the real estate market to help his clients -- buyers and sellers of residential real estate -- uncover their best choices for finding the right home or finding a buyer for their current home.
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