January 5th, 2010

In a story by the Associated Press yesterday, it was announced that in 2009 there were approximately 1.4 million bankruptcies filed across the nation.  Arizona saw the fastest increase with a jump of 77 percent in filings when compared to 2008.

Over the last two years I have seen not only a significant jump in the number of people filing, but a significant change in the type of financial situation that is leading a person into bankruptcy.  Two years ago almost all filings were associated with a foreclosure or fear of losing a home.  Now, most have experienced a reduction in pay or have lost their job completely and simply cannot make ends meet.  The situation is often made worse in that people have done everything to avoid bankruptcy — including maxing out their credit cards.

If you are in a similar situation where you have maxed out credit cards in trying to keep your home or just cover basic living expenses and are no longer able to keep up on the payments; or if you have lost a job or seen a significant pay decrease, filing a Chapter 7 bankruptcy case can bring you the relief you are seeking.  Chapter 7 bankruptcy will discharge or eliminate most if not all credit card-type debts while permitting you to keep most if not all of your assets, including your home.

As part of my video series on bankruptcy I have prepared a short video on the basics of Chapter 7 bankruptcy.  You can access it here http://www.youtube.com/watch?v=ZHubPnIu5rs .

I offer a free consultation where we can discuss your current financial situation and discuss how a bankruptcy filing can help you and your family during this stressful time.  You can reach me at (480) 464-1111.