Bankruptcy filings fell in the Phoenix area

Bankruptcy filings fell in the Phoenix area. According to data from the Phoenix Division of the U.S. Bankruptcy Court, although bankruptcy filings in the greater Phoenix area increased slightly in October compared with September, and...

Bankruptcy filings in the Phoenix area fell. In the first 10 months of this year, it fell 13% year-on-year. Bankruptcy filings across Arizona fell 23% in October, a similar trend. There were 2,074 filings in October, 85% of which were filed under Chapter 7 of the Bankruptcy Ordinance, which allows debtors to sell non-exempt assets to repay the debtor. Chapter 13 Bankruptcy functions as a court-supervised debt repayment plan in which the debtor will have very few assets left. Nationwide, bankruptcies have dropped 20 percent since October 2010, according to the American Bankruptcy Institute and the National Bankruptcy Research Center. The above data does not mean that the financial situation of consumers and businesses has improved greatly. Surveys show that consumer confidence has declined in recent months.