Phoenix bankruptcy filings down last month but still up 35 percent compared with May 2009
By APTuesday, June 8, 2010
Phoenix bankruptcy filings fall in May
PHOENIX — Bankruptcy filings in the Phoenix metropolitan area fell in May for the second straight month.
However, officials say the 2,763 filings in the metro area represent a 35 percent increase compared with May 2009.
Experts say soft housing prices, a bleak employment scenario and other financial issues continue to plague many Phoenix-area residents.
Chapter 7 filings, which provide a fresh financial start for debtors, accounted for 83 percent of the total. That’s the third straight month that they’ve been above 80 percent.
Information from: The Arizona Republic, www.azcentral.com
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