Although bankruptcy cases and foreclosures declined in 2011, these issues are still around and some think that the declining the numbers are deceiving.

Last year, there was a 34 percent decline in bankruptcy fillings, but officials have stated this is most likely due to a documentation errors that caused delays in the process. On average in 2011, a foreclosure took nearly 348 days to complete. In 2010, the average was 305. 

There was also a 19 percent decrease in business bankruptcy filings as well as a 12 percent decrease in personal bankruptcy cases. Officials with the American Bankruptcy Institute have stated that this is because credit access is still very difficult and people are continuing to leverage their debt. The total number of bankruptcies fell from 1.56 million to 1.38 million. The state of Arizona has the second highest foreclosure rate in the nation with 4.1 percent.

If you or a loved one has been struggling with debt and need to consider your financial options, this is the time to speak to an experienced representative. Contact the Arizona bankruptcy lawyers of the Harmon Law Office today by calling 480-829-0494 today.