Everyone in Arizona understands that the economy is mired in a recession the likes of which most of us have not seen in our lifetimes. As a result of a failing real estate market, a terrible job market and several other factors working against consumers who were experiencing success only a short time ago, more and more people are suffering through economic stress that's nothing short of crippling. As a result, statistics are beginning to role in that are defining tangibly just how much people in the state are suffering.

A recent report that was made public indicated that 1.35 percent of all debts owed by Arizona residents are defined as delinquent. A debt is considered delinquent if it is more than 90 days late and can include credit card payments, auto loans, mortgages and the like. This ranks Arizona behind only Nevada and Florida in that order. In addition, residents of Phoenix owe an average of more than $26,000 per person in credit card debt, auto loans and consumer loans combined.

Arizona Bankruptcy May Be the Answer

When people are faced with financial problems that seemingly have no answer or way out, they often become desperate. However, more and more people are beginning to understand that filing for bankruptcy protection may be a strategy that works for them. Your first step is to contact an Arizona bankruptcy lawyer to take a close look at your finances, and this will help to pave a way towards financial recovery, whether it involves filing for bankruptcy or not.

If you're ready to move on without the stress of financial troubles, contact the Arizona bankruptcy lawyers at Phillips Law Group today to schedule a free initial consultation.