Arizona bankruptcy filings for 2010 remained high, with a record number of indivudals filing for bankruptcy in the Phoenix area.

Many Arizona residents are still struggling with large amounts of debt and reduced incomes that cause them to seek debt relief through bankruptcy. Phoenix residents filed for bankruptcy in record numbers in 2010 with a total of 31,207 filings.

The money woes of Arizona residents are part of a larger western trend. Nevada, California, and Arizona all have higher-than-average bankruptcy rates and top the list of states with the most filings.

If you are struggling with seemingly insurmountable debt, there are options available to you to help you restart your finances. To learn how an experienced Arizona consumer bankruptcy attorney can assist you with your case, contact the Harmon Law Office, LLC, today by calling 480-829-0494.

A U.S. bankruptcy court judge last week ordered Bank of America Corp. to pay $90 million in interest to Lehman Brothers Holdings Inc., as well as the $501.8 million in deposits that the bank has already been ordered to pay.

The ruling comes only three short weeks after the first ruling against Bank of America wherein Judge James Peck determined the bank had violated federal law in “brazenly” seizing $500 million of Lehman’s deposits in the summer of 2008.

A spokeswoman for the bank released a statement to reporters that stated the company was disappointed with the decision and is considering seeking an appeal.

The court decision is a victory for Lehman as it attempts to repay the hundreds of billions of dollars owed to creditors following its Sept. 15, 2008 bankruptcy.

 If you are facing bankruptcy, contact the Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, LLC by calling 480-829-0494.

Prospects look good for Chrysler Group LLC, the automaker controlled by Fiat SpA. The company recently emerged from bankruptcy protection and is poised to announce its smallest quarterly loss since that time.

A net-loss of $129 million is expected for the third-quarter of 2010. The numbers will be posted on November 8.

This would be a significant drop from the second-quarter posting of $172 million in losses and a good sign for the company 18 months after emerging from bankruptcy.

“Chrysler may prove to be one of 2011’s most surprising success stories,” said Stuart Pearson, an industry analyst with Morgan Stanley. He continued that he expects a “solid if not spectacular quarter.”

Bankruptcy is not the end. If you are facing bankruptcy, contact the Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, LLC by calling 480-829-0494.

A number of Democratic lawmakers, including Arizona Congresswoman Gabrielle Giffords and U.S. Senate Majority Leader Harry Reid, D-Nev., have called on lenders to freeze foreclosures after Bank of America did so last Friday. This came after questions regarding the review process that BofA used, and whether or not the foreclosure proceedings were simply being sped through.

JP Morgan Chase & Co. and GMAC Mortgage Corp. have stopped foreclosure proceedings in 23 states but not Arizona.

"Bank of America has taken an important step and other major lenders should follow its lead,” California Attorney General Jerry Brown said in a statement.

Republicans have not yet voiced an opinion on the issue.

Arizona has one of the highest foreclosure rates in the U.S.

“We need to ensure that homeowners have long-term solutions to underwater mortgages and allow bankruptcy judges to modify mortgages on residential real estate for Chapter 13 bankruptcy filers, currently prohibited under law. This will stabilize the market, offer critical bankruptcy protection, and signify a long overdue shift in focus from helping lenders to helping borrowers,”said U.S. Rep. Donna Edwards, a Democratic representing Maryland suburbs of Washington.

If your business is facing Chapter 11 bankruptcy, contact the Arizona Chapter 11 bankruptcy lawyers of Harmon Law Office, LLC at 480-829-0494 to learn more about your rights.