Now more than ever, shoppers understand the importance of a good deal. The cost of living has been increasing at a pace that far exceeds increases in salaries and other income. So when it comes to snacks, furniture, decorations, and other household items, shoppers want low prices, convenience, and a wide range of selection. This is allowing big chains like Amazon and Walmart to close in on customers who may already shop at those retailers for more basic necessities. This has led to smaller chains struggling to keep up. Big Lots is the latest retailer to have its financial struggles play out in the public eye.

The discount home goods store announced in July 2024 that it would be closing between 35 and 40 store locations and opening 3 new store locations. This comes after reducing its total number of store locations from 1,425 in 2023 to 1,392 in 2024. A significant number of the stores set to close are located in Arizona. While these closures come without a bankruptcy filing, this is no guarantee that Big Lots won’t file a bankruptcy petition in the future. Bed Bath and Beyond and 99 Cents Only, which are also known for offering deals for household goods and items, have both filed for bankruptcy and shut down their stores in recent years. If closing store locations isn’t enough to keep Big Lots’ bills paid and shareholders satisfied, it could mean a potential bankruptcy filing under chapter 7 or chapter 11. Individuals considering filing for bankruptcy most often choose between chapter 7 and chapter 13. Want to learn more about them, and how to qualify to file for either in the state of Arizona? Are you looking for high-quality legal representation with affordable payment plan options? Schedule your free consultation with Arizona Zero Down Bankruptcy lawyers by calling 480-448-9800.

The Arizona Big Lots Locations Set To Close

Big Lots currently has 34 locations across Arizona, but is about to close 12 of them for a total of 22 locations. This means the loss of hundreds of jobs throughout the state. Big Lots also plans to close dozens of other locations throughout the country. This can have a ripple effect on the local economy, as people who are out of jobs typically spend less while looking for new employment.

• Flagstaff- 1415 E. Route 66
• Glendale- 17510 N. 75th Ave.
• Laveen- 3630 W. Baseline Road
• Mesa- 6839 E. Main St.
• Mesa- 2840 E. Main St.
• Phoenix- 2020 N. 75th Ave.
• Phoenix- 230 E. Bell Road
• Phoenix- 2330 W. Bethany Home Road
• Phoenix- 4835 E. Ray Road
• Phoenix- 4727 E. Bell Road
• Peoria- 24760 N. Lake Pleasant Parkway
• Scottsdale- 10220 N. 90th St.
• Tucson- 4525 N. Oracle Road

Have you been affected by Big Lots store closures, or job loss from major corporate bankruptcy cases like Red Lobster and Rubio’s Coastal Grill? It can be discouraging to see so many giant corporations file for bankruptcy, especially when it results in unemployment. If you are struggling with debts and have creditors who are about to take action against you, now is the time to act. Want to learn more about the benefits of filing for bankruptcy and how they will apply to your unique situation? Get started with our Zero Down bankruptcy team today, free of charge, with your initial consultation- call 480-448-9800 for scheduling.

Filing For Bankruptcy After Job Loss

Job loss and prolonged unemployment are among the leading causes of bankruptcy filings in the United States. With so many American families living paycheck to paycheck, it’s easy to imagine how quickly a job loss could lead to uncontrollable debt. Credit cards and other lines of credit can come in handy for keeping food on the table during these types of situations, but usually come with exorbitant interest rates that make it nearly impossible to pay off unless the person gets a new, higher-paying job.

If someone loses their job without having new employment immediately lined up, their average income will go down. While this is a bad thing for budgeting and paying bills, it can actually become a positive for bankruptcy eligibility. Much of how a debtor’s case turns out will depend on their average monthly income. Rather than just dividing annual income by 12, average monthly income is calculated using the debtor’s past 6 months of income. The most straightforward way to qualify for chapter 7 bankruptcy is by having an average monthly income that falls below the state median. So if a potential bankruptcy debtor had earnings above the cutoff point, they might only be forced into a chapter 13 bankruptcy rather than chapter 7 while still employed. If that person were to wait a few months after losing their job to file for bankruptcy, their average monthly income may have fallen low enough to qualify for chapter 7. This can be preferable for some bankruptcy debtors, as chapter 7 is faster than chapter 13, and simply clears debts instead of them being paid in a secured plan.

Sometimes it is more beneficial for a bankruptcy debtor to file chapter 13 than chapter 7. Chapter 7 bankruptcy can only clear unsecured non-priority debts, while chapter 13 can help a debtor pay down balances on secured and priority debts. So if a debtor is behind on child support and wants to save their home from foreclosure, chapter 7 bankruptcy won’t be of much assistance, but chapter 13 could be highly effective in resolving the debtor’s financial issues. Chapter 13 bankruptcy is a payment plan that lasts 3 or 5 years, and will require just about all of the debtor’s disposable income during that time. Right after a job loss probably isn’t the best time to file a chapter 13 bankruptcy as the debtor’s financial situation will be unstable until they find a new job. If a debtor can’t afford to make their chapter 13 payments, their case will be dismissed and they will lose the protections of bankruptcy. You should always discuss your financial situation in detail with a bankruptcy attorney before filing either chapter 7 or chapter 13 in Arizona. If you’re looking for an affordable bankruptcy attorney option, with free consultations and post-filing payment plan options starting at Zero Dollars Down, contact our firm at 480-448-9800.

Filing for Bankruptcy in Phoenix with Zero Dollars Down

Arizona residents seeking to clear debts and protect themselves from creditors should consider bankruptcy as a form of debt relief. It can help with a variety of financial issues, like wage garnishment, vehicle repossession, late fees and interest charges, and more. Don’t wait until it is too late to stop creditors using bankruptcy’s automatic stay. Make sure your bankruptcy filing goes off without a hitch by planning in advance, giving yourself more time to gather the required documents and complete bankruptcy requirements. Our experienced Arizona bankruptcy team can guide you through every step of the process. We make filing for bankruptcy work with your budget by offering payment options starting as low as Zero Dollars Down. Learn more about your options by scheduling your free consultation with an experienced Arizona bankruptcy professional- call 480-448-9800. Don’t hesitate to contact us today!