According to the U.S. Bankruptcy Court in Phoenix, bankruptcies in Phoenix fell to 2,585 last month, from 2,656 in June and 3,063 in March.  Compared to 2009, bankruptcy stats in Phoenix are also improving.  For example, last month's total number of bankruptcies was only 11 percent higher than July 2009.  Bankruptcies in March 2010, however, were up 59 percent from March 2009.

Bankruptcy experts are citing the real estate market as the biggest reason for bankruptcy filings in Phoenix and Arizona.  

Four out of five bankruptcies were filed as Chapter 7 bankruptcies last month.  Chapter 7 bankruptcy allows for a business or consumer to pay off their creditors by liquidating their assets.  The second most type of bankruptcy filed last month was Chapter 13.  Chapter 13 allows individuals to set a plan to pay back their creditors overtime.

Statewide filings were also down in July with a total of 3,526. 

If you or someone you know is considering filing for Chapter 7 bankruptcy, contact the Arizona Chapter 7 bankruptcy lawyers of Harmon Law Office, LLC at 480-829-0494 to learn more about your rights.