The American Bankruptcy Institute found that the number of consumer bankruptcies in the U.S. dropped by nearly 12% between November of 2011 and November 2012. Yet based on an article in The Morning Journal, it’s clear that many Americans are still choosing to file for bankruptcy, as preliminary numbers indicate that around there were slightly less than 1.4 million bankruptcy filings in 2011.

University of Arkansas researchers attempted to discern the reason behind the high number of Americans filing for bankruptcy. Their findings allege that many individuals end up making the choice to file for bankruptcy only after a long period of essentially living in denial that filing for bankruptcy is the best choice for their situation. The researchers say that most people vainly plug along trying to pay off debts despite the fact that their financial situation is beyond repair.

In reality, it should be no surprise that Americans let pride get in the way of filing for bankruptcy. But the truth is that the decision to file bankruptcy shouldn’t be a source of shame. For many people (and corporations) bankruptcy proceedings offer a real opportunity to start fresh and begin rebuilding savings accounts and credit scores, instead of making large payments to creditors and living with the stress and hassle of being pursued by debt collectors.

However, the bankruptcy process is complex, and things don’t always go as planned. If you’re considering filing for bankruptcy in Arizona, contact an experienced Phoenix bankruptcy attorney who can ensure that the process proceeds as smoothly and quickly as possible.