National Bankruptcy Filings Hits Record Number in 2010 | Legal News | News Ticker

While no one was surprised to see 2010 close as the year that featured the most bankruptcy filings in American history, the fact that it wasn’t unexpected doesn’t make the news less difficult to endure. The economy seems to be slowly turning in some parts of the country, and many people are attempting to provide themselves with a fresh financial start in hopes that they will also enjoy some sort of an upswing. However, in places like Arizona, the economy remains mired in a historic slump that’s shown explicitly by the number of bankruptcy filings that took place in 2010.

According to official bankruptcy statistics, more than 1.5 million bankruptcy filings were initiated in the United States in 2010, which is an increase of approximately 9 percent from 2009. In addition, many experts expect that this number will rise even more in 2011, and that’s largely due to the struggles of the western portion of the country, including Arizona. This region appears to be lagging behind other parts of the Midwest and Southeast when it comes to recovery, and much of that has to do with unemployment rates that remain high and real estate markets that remain historically low.

Specifically, Arizona bankruptcy filings shot up by almost 25 percent in 2010 when compared to 2009, and that’s a number that’s so shocking that most economists can barely fathom such a fallout on a wide scale. Arizona’s bankruptcy filings included more than 75 percent that were filed under Chapter 7 of the United States Bankruptcy Code, which is a chapter that’s usually reserved for individual consumers even though businesses can file under this chapter as well.

Arizona Bankruptcy Lawyers

For many people, the best way out from under a growing amount of financial stress is to wipe away the debts that are hindering every aspect of their lives. If this includes you or someone you love, you need to seek the help of Arizona bankruptcy lawyers who can take a close look at your financial picture and help you plot a course to financial freedom and peace of mind. ContactMontanoPhillips Law Group today to schedule a free initial consultation.