Metro Phoenix Bankruptcy Filings Hit All-Time Record | Legal News | News Ticker

Most people fully understand that the economy in Phoenix and in all of Arizona is suffering. The local economy continues to struggle badly even as signs on a national scale begin to point to a slow recovery process. One of the most direct ways to measure the state of an economy is by way of bankruptcy filings, and recent statistics released by the American Bankruptcy Institute indicate that Phoenix-area bankruptcy filings so far in 2010 have already set an all-time record with another month of statistics yet to be added to the overall total.

According to the institute, more than 2,500 bankruptcy filings were initiated in Phoenix in November, which brings the total from January through November of this year to almost 29,000. This surpasses the over 28,000 filings made in 2005, which was a unique year because of the passing of new, tougher bankruptcy laws in that Congress. In addition, approximately 80 percent of the filings so far this year, or approximately 25,000 were filed under Chapter 7 of the United States Bankruptcy Code. Chapter 7 filings can be done by businesses, but most often this chapter is used by individual consumers.

Arizona Bankruptcy Statistics

In addition to the troubling numbers regarding Phoenix bankruptcy cases, Arizona as a whole is also struggling. During the same time frame, more than 38,000 bankruptcy cases have been filed. This once again excludes December, which means that 2010 will almost certainly surpass the statewide total from 2005 of just over 39,000. On a national scale, the number of bankruptcy cases filed around the country fell by 13 percent between the months of October and November.

Arizona Bankruptcy Lawyers

What this news should tell anyone who is struggling with their finances is that they are far from alone in their suffering. If you find yourself simply unable to meet your monthly obligations, you need to take the all-important first step towards putting an end to this ongoing stress and fear. Seek the help of experienced Phoenix bankruptcy lawyers who have helped thousands of people obtain a fresh financial start. ContactPhillips Law Group today to schedule a free initial consultation.