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Guest Post from Jason Holmes

By Joseph McDaniel, Esq.

Please join me in welcoming Jason Holmes, who contributed a post and has asked me to publish it on my bankruptcy blog.

Accordingly:

A study on the increased bankruptcy fillings in Arizona

The bankruptcy filling says a lot about the housing market of a country or that area. The housing market is the barometer of the economic conditions. Hence, if the housing market is affected by increased bankruptcy fillings, naturally the economy of the country also suffers a lot. The bankruptcy filling in Arizona has really increased a lot and the economic condition is also not that good.

Arizona at a glance regarding bankruptcy fillings

The year, 2010 has been really tough for Arizona and the year ahead, 2011 is also predicted to be a bit of gloomy. You must avoid bankruptcy as much as you can even if you're drowning in mortgage debt and other unsecured debts. Bankruptcy takes away your property from you and also mars your financial structure. The year total of bankruptcy fillings in 2010 in Metro Phoenix was 28,849 which exceeded the 2005 bankruptcy fillings which were 28,277. The 2005 bankruptcy fillings were considered to be the highest figure which gave way to the bankruptcy law. But the largest number of bankruptcy filings in November (2,501) in creased the number a lot.

Experts are in the view that Arizona may see more or equal fillings of bankruptcy in 2011 but still the economic conditions may take a turn toward betterment. The mortgage rates are rising and there is a rise in the consumer spending as well. This may gradually improve the housing market and economic structure of Arizona. If you've accumulated a lot of unsecured and secured debts, you must try to find out other ways to pay off your debts and must avoid filling bankruptcy. Not only your credit score but also your financial status gets disrupted. There are a lot other ways to pay off your mortgage debt.

There have been a lot of Chapter 11 bankruptcy fillings along with Chapter 7 and Chapter 13. Chapter 13 still allows you to have a repayment plan but in case of Chapter 7, your assets are liquefied to pay for your mortgage. Bankruptcy fillings in Arizona have been a lot more than other states. In November only the bankruptcy fillings in Arizona were 38,522. A lot of hotels and businesses have filled for bankruptcies apart from households.

The bankruptcy fillings in US as a whole dropped a bit from October but in Arizona it was the highest. The credit card and mortgage delinquencies are at their highest in Arizona.

Predictions of 2011 regarding bankruptcy fillings in Arizona

Apart from the figures about the nature of bankruptcy fillings in Arizona, experts have also released certain predictions regarding the same in 2011. It?s predicted that around 20 cities in Arizona will be forced to file for the Chapter 9 bankruptcy relief and the foreclosure rate will get higher. The unemployment rate may go below 9% or may go beyond 10% by the end of the 2nd quarter.

These predictions may be true or false but you must try to get help of other debt relief options so that you can avoid bankruptcy. You must try to save more on your retirement plans or other saving accounts so that you have financial security when you need the money.

Jason Holmes is a regular writer with Debt Consolidation Care and is also a contributory writer with other financial sites. His expertise is woven around various aspects of the debt industry and with his e-books he tries to impart to people the different situations and simple solutions to get out of difficult situations. Some of his works include e-books like 'Credit Score The Quintessential Therapy for a Happy Pocket', Take Creditors and Collection Agencies to Small Claims Court' and, My Story- From Depression To a Smile'.

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Full post as published by Arizona Bankruptcy Attorney Blog on January 13, 2011 (boomark / email).