CNNMoney.com had an article yesterday that talked about potentially using bankruptcy to save your house from foreclosure.

In the article they mention that Chapter 13 bankruptcy was the way to go to accomplish this, with one caveat, “It’s the best tool there is for people behind in payments but who have ongoing income,those who had been making payments and who could be making payments again.”

Chapter 7, which is over 80% of bankruptcies, will delay the foreclosure…but often not save your home.

It’s an interesting read and I recommend taking a minute to have a look.

The bottom line is, it’s difficult for you to know the answers from reading an article.  But at least you know what questions to ask.

And I’d be more than happy to answer them and review your own personal situation.

Please call me for a complementary session.  I’ll buy you a coffee.

The Phoenix Business Journal reveals that there were over 1,000 businesses for sale in Phoenix in the second quarter of 2010.

To make matters worse, compared to the national average, they were offered at deep discounts, further proof that the Arizona economy has been especially hard hit.

Living in Arizona, sometimes we can’t see the proverbial forest for the trees…we don’t have the perspective on ourselves that others might.

A recent LA Times article gives us some perspective of what the outside world thinks.

The Director of the Martin Prosperity Institute at Toronto’s School of Management, University of Toronto Richard Florida says, “”Arizona is doing the dumbest thing of all,” he says. “Arizona sends out a message to the world that you’re not welcome here. ‘We don’t want new and different people here.’ It’s tragic for Arizona and it’s bad for us as a whole.”

The article discusses Florida’s new book, “The Great Reset” which outlines ideas about how the North American economy will rebound.

The article goes on to say,”Many crucial U.S. knowledge and tech workers are foreign-born, and Florida’s research demonstrates that highly skilled labor needs lesser-skilled workers to support and sustain it.”

According to Bloomberg Businessweek Arizona lost 53,000 jobs in June alone.

It sure sounds like a big number but the unemployment rate remains unaffected at 9.6%

Bankruptcy filings in Phoenix hit 2,763 in May, up 35% from 2009.

But that represents a  DECREASE from April 2010 according to myFOXPhoenix.com

Their headline says, “Phoenix Bankruptcy Filings Fall in May”

83% of these cases were Chapter 7 bankruptcies which effectively offer a clean slate by wiping out most debt.

Those numbers are staggering!  Yep, the recovery is well underway.

Geesh.

I think my headline is more accurate don’t you?

A lot of people who are in the position of even thinking about bankruptcy have taken and emotional and psychological beating!

Sometimes they get so caught up in the mistakes of the past and the negativity of the present that you forget you ever had dreams about the future.

Hope this helps…