Over recent years, bankruptcy filings have spiked because of tight credit may be begginning to drop.

There have been 3,808 filings in the first half of 2011, which is nearly 7.5 percent lower than what it was at this time last year. This trend has also been seen in statewide filings. These decreases are the first after four years of increased filings.

The most common type of bankruptcy filings are Chapter 7 filings that occur when people sell their remaining assets in order to pay creditors that they owe. Chapter 7 filings are down 8.5 percent from this time in 2010, but Chapter 11 filings have not seen such a dramatic increase.

If you or a loved one has been struggling with debt and would like to learn more about your options, contact the Arizona Chapter 7  bankruptcy lawyers of the Harmon Law Office by calling 480-829-0494 today.