Mixed Signals in Regards to Most Recent Phoenix Bankruptcy Statistics | Legal News | News Ticker

For years, all of the news regarding the Arizona economy and regarding Arizona bankruptcy issues was negative. It should be seen as somewhat positive that the news has recently moved from always negative to mixed. The term ‘mixed’ would seem appropriate in response to the recent release of Phoenix and Arizona bankruptcy statistics. While the number of Arizona bankruptcy filings has dropped for the ninth time in the past ten months, they still remain high in a historical sense and still indicate that thousands of people are suffering in a financial sense.

According to the United States Bankruptcy Court in Phoenix, there were just under 2,000 Phoenix bankruptcy filings initiated in January of 2011. As stated above, this represents the ninth time in the past ten months that the number of filings has dropped when compared to the previous month. However, that number is still five percent higher than it was in January of 2010. In terms of the specifics of these Arizona bankruptcy filings, approximately 75 percent of them were chapter 7 filings and almost all of the rest were filed under chapter 13.

While Arizona bankruptcy numbers at least begin to indicate that the economy could be turning ever so slightly towards the positive, the facts remain that more than 20,000 people have needed this form of relief in the past year, and more than 30,000 people across Arizona have pursued the same outlet for relief in the past 12 months. Many of these problems are tied to the unemployment rate that’s also dropping slightly but remains high as well as the flagging real estate market that many are predicting will continue to suffer immensely throughout 2011.

Arizona Bankruptcy Lawyers

When someone encounters financial problems that seem to offer no outlet, those who find themselves in this position should remember that there is always an option available somewhere. Whether this relief involves filing for bankruptcy protection or not, those who are ready to put an end to their ongoing financial stress need to start by having an experienced Arizona bankruptcy attorney take a close look at their overall financial picture. From there, sound recommendations can be made to put this struggle in the past for good.

If you’re ready to take that next step, the Phillips Law Group recommends the experienced bankruptcy attorneys atPhillips Law Group for all of your bankruptcy needs. Call today to schedule a free initial consultation!