As featured on AZCentral.com, Arizona bankruptcies have been declining since they peaked at 3,063 in March 2010. This June saw a 9% fall in filings, marking the third consecutive month of decline. Additionally the 2,434 Phoenix-area filings in June show an 8% decrease from a year ago.
Despite these statistics and the apparent ease of consumer debt, for many people the struggle with bills is not over. According the American Bankers Association five out of 11 consumer-loan categories, including credit cards, saw a higher delinquency rate in the first quarter. The weak job growth and increase in daily expenses, like gas, has made paying bills continue to be difficult. In light of this, the lack of bankruptcies may be attributed to a lack of money to pay filing and attorney fees, or to the fact that those who were going to be fired have already been fired. Many of the most financially strapped people have already filed for bankruptcy. Additionally, some say that credit-card companies seem to have gotten less aggressive about going after people with unpaid balances.
However, the number of Chapter 7 bankruptcy filings has risen from 77% to 89% since January. Since Job losses make it easier to qualify for Chapter 7 filings, the decrease in bankruptcies is not necessarily indicative of a healthier economy.
To see if Bankruptcy may be a good option for you, call the Law Offices of JacksonWhite to speak with experienced Arizona bankruptcy attorney, Benjamin Skinner. (480) 648-8975
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