Friday, January 6, 2012

Phoenix-area bankruptcy filings fall

The Valley's bankruptcy picture ended 2011 on a clear note of improvement, as the number of filings dropped to its lowest level in nearly three years.

Metro Phoenix logged 1,577 new bankruptcy cases last month, down 33.1 percent from December 2010 and the smallest total since February 2009.

For the year, bankruptcies eased to 26,252, down 15.9 percent from elevated levels in 2010.

The improvement left some observers scratching their heads.

"I'm shocked that bankruptcy rates have come down over the past year," said Valeri James, a certified credit counselor at Simple Solutions Credit Consulting in Gilbert. "We're still seeing clients in desperate shape."

Read the rest of the article at the Arizona Republic

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