Phoenix Bankruptcies Continue Downward Trend

Posted on Aug 27, 2014

Latest numbers indicate that residents of the Phoenix metro area may be on the up and up, financially speaking. In Phoenix, individual filings in July 2014 were down 14% from the previous July, and statewide, filings dropped a still-impressive 11%. Nationwide, individual filings were down 12%.

 

These latest numbers mark a noteworthy three and a half years of steady improvement in the Phoenix area, and bankruptcy professionals are predicting that nationwide filings may fall below the 1 million mark for the first time in seven years.

 

Despite promising numbers on paper, many people fear that Arizonans are still struggling financially. Arizona has the second highest rate of auto repossessions in the country, and nearly 40% of Arizona households have debts that are in collection, compared to a national rate of 35%.

 

Current filing numbers may not be low simply because individuals’ finances are improving—many people may not file for bankruptcy because they are intimidated by the complex process, or maybe fear that they cannot afford to file. This means that while filing for bankruptcy could solve many of their financial woes, many people fear that they will send themselves into further debt trying to escape their current burden.

 

Despite filing costs, bankruptcy can offer long term solutions for people who commit to the changes that a bankruptcy demands. The Arizona bankruptcy attorneys at Curry, Pearson & Wooten are here to discuss your options with you, and help you decide if bankruptcy is the right choice for you and your situation.

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