Arizona Bankruptcy Filings Take Downturn in March | Legal News | News Ticker

For what seems like many years, the people of Arizona and the rest of the United States have been waiting for the economy to finally hit rock bottom. The reason is that once it does, the only direction in which it can move is up. One of the most direct ways to measure the financial health of residents who live in this type of economy is to track the number of bankruptcy filings that are filed. While it’s way too early to say that the economy is on its way back, the statistics regarding Arizona bankruptcy filings for March of 2011 have been released, and the results are somewhat encouraging.

Specifically, the statistics show that there were 3,878 Arizona bankruptcy cases filed in March, which is down from 4,135 in March of 2010. In the Phoenix metro area, bankruptcy filings dropped from 3,063 in March of 2010 to 2,813 last month. This is still a large jump from the February filings, which stood at just over 1,800, but March has historically seen a much higher number of filings in March than in February in any given year. Finally, March’s bankruptcy filings were the second consecutive month that the number of filings dropped from the same month in the previous year for two months in a row since the official beginning of the current recession.

Clearly, this is seen by many people as good news and by some others as an indication that the tide is turning. However, for many others the worst is not yet in the past. With the jobs market continuing to struggle and the real estate market continuing to be mired in a terrible downturn of its own, there still could be trouble ahead for many people. In addition, for many others the damage has already been done from this recession even though they may not have yet taken steps to put their struggles behind them.

Arizona Bankruptcy Lawyers

Fortunately, there is a solution for almost any financial situation. However, it all starts with having an experienced professional take a close look at someone’s overall financial picture so that a course towards recovery can be mapped and pursued. This is often the most stressful step that someone can take when facing these difficulties, but it should be known that this step is not generally as stressful as jumping in fear every time the phone rings or every time a walk is made to the mailbox.

If you find yourself mired in financial difficulty and you’re not sure there’s a way out, you need to seek the help of Arizona bankruptcy lawyers who have helped countless people regain control of their financial lives. The Phillips Law Group recommends Phillips Law Group, for all of your bankruptcy needs.