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Arizona bankruptcy filings drop in March

Arizona’s gradually improving bankruptcy trend continues.

Filings last month dropped 6.2 percent compared to March 2010.

Bankruptcy filings also were down on a year-over-year basis in February, marking the first such declines for two straight months since before the recession began.

The March tally of 2,813 bankruptcy filings for the Phoenix metropolitan area was up from 1,819 in February. But the Phoenix area had 3,063 filings in March 2010, the highest total since late 2005.

Analysts tell The Arizona Republic that March is busy for bankruptcy filings because of income-tax refunds. Cash-strapped individuals need the money to pay for various expenses including filing fees, yet they risk forfeiting it if they file before receiving their refund.

Statewide filings in March fell to 3,878 compared to 4,135 in March 2010.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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