Phoenix Area Bankruptcy Filings On Pace to Surpass 2009 | Legal News | News Ticker

The Arizona economy is suffering as much as any state in the country, and one of the prime indicators of the seriousness of the economic downturn is the number of bankruptcy filings that have been recorded. According to the United States Bankruptcy Court in Phoenix, bankruptcy filings are still on pace to surpass the number of filings done in 2009. Below is a look at some of the relevant statistics that indicate that even though some are indicating that the economy is turning on a national level towards the positive, Phoenix residents are still struggling.

According to the court, there were more than 2,500 bankruptcy filings in July after 2,600 filings had been entered in June. The highest number of filings in a month so far in 2010 occurred in March, when more than 3,000 filings were recorded. Overall, Phoenix-area bankruptcy filings are trending towards surpassing the number that was recorded in 2009, which stands at more than 25,000 filings. Clearly, there are several reasons as to why these numbers continue to remain so alarmingly high.

Reasons for Phoenix Bankruptcy Filings

Most financial experts and analysts who watch these sorts of trends list two causes among all the potential causes for these bankruptcy filing numbers. Specifically, experts cite the continuing down spiral of the local real estate market and the continued problems with the job market. Phoenix remains one of the highest foreclosure markets in the United States, and the unemployment rate in the area remains higher than the national average. When these two factors combine to inflict damage on a local economy, the result is a high number of bankruptcy filings, which is exactly what’s occurring now.

Phoenix Bankruptcy Lawyers

What these large numbers should tell anyone is that if you find yourself in financial trouble and you need a way out that could include bankruptcy, you are far from alone. Bankruptcy is an option for those who want a financial fresh start, and in some situations it’s possible to retain assets that include homes and vehicles. If you’re ready to move out from under a mountain of stress, contact the Phoenix bankruptcy lawyers at Montano Arentz & Associates, PLLC immediately to schedule a free initial consultation.