According to the American Bankruptcy Institute, over 1.53 million Americans declared bankruptcy in 2010 because of financial hardship.

Bankruptcy filing rates rose 9 percent from 2009 to 2010, with higher rates concentrated in the southwest. In Arizona, the number of 2010 filings was much higher than average, with a 24 percent increase in 2010.

Two of the key factors that are believed to be responsible for the majority of bankruptcy cases are underwater mortgages and long-term unemployment.

If you are facing a significant amount of debt and are struggling to stay up-to-date with payments, you are not alone. Contact the Arizona bankruptcy attorneys of the Harmon Law Office, LLC today at 480-829-0494 to discuss your options for financial recovery.