Several news outlets are reporting that bankruptcy filings in Arizona have fallen to the lowest point in two years.

In February of this year, slightly over 1800 consumer bankruptcy petitions were filed in the Phoenix metro area. This is a 12% decline from the same time year. The decline in bankruptcies represents some much needed good news for a city and state that have been the victim of a struggling economy.

Phoenix bankruptcy filings reached a monthly high of 3,063 in March of 2010. Since that time, the region has seen a sharp drop in the number of cases filed in 10 of the previous 11 months.

Are you not yet convinced? Then let’s take a look at other parameters measuring economic strength. Unemployment and consumer credit-card debt are also in decline.

Good news, similar trends are seen on a statewide basis. 2,440 state-wide consumer bankruptcy petitions were filed in February, a 10 percent improvement from last year. This is the lowest number since they peaked at 4,135 in March of 2010. A large majority of these were under chapter 7 of the bankruptcy code.

Despite these positive trends, the effects on individual consumers vary and the greater economy is still in deep trouble . Many Phoenix citizens are still having difficulty with mortgage and credit card issues. We’re not out of the woods yet.

Phoenix Bankruptcy Law Firm