Consumer Bankruptcies Rise in July | Legal News | News Ticker

Everyone who lives in the United States fully understands that we are fighting through one of the worst economic recessions in history. As a result, more people than ever before are suffering through difficult financial problems to the point where they are experiencing stress simply by answering the phone or walking to the mail box. Unfortunately, after a brief period where it seemed that things were beginning to improve for individuals, the latest bankruptcy statistics show that any improvement has been lost.

2010 Bankruptcy Statistics

According to the National Bankruptcy Research Center, almost 138,000 people filed for personal bankruptcy protection last month. This represents a rise of nine percent from June and a similar rise in personal bankruptcy filings from July of 2009. Overall, there have been more than 900,000 personal bankruptcy filings this year, and the country is on pace to surpass the record of 1.4 million filings if this trend continues. Specifically, Arizona personal bankruptcy filings have climbed by more than 30 percent during 2010, likely having to do with the continued struggles of the real estate market.

Arizona Bankruptcy Lawyers

This study and these statistics should alert anyone who was thinking otherwise that we are far from past this current recession. In addition, these numbers should show anyone that if they are experiencing financial hardship for whatever reason, they are far from alone. If this includes you, it’s time to take the necessary steps to put your struggles behind you by seeking the help of Arizona bankruptcy lawyers who have helped countless people obtain a fresh financial start. Contact Phillips Law Group today to schedule a free initial consultation.