Not every financial scammer operates on the level of a Bernie Madoff, but they all take advantage of good people and drain energy from our economy when it's needed most. Persistent telemarketers exploit vulnerable people who are trying to get ahead by selling them on worthless work-from-home business opportunities, bait-and-switch credit relief, or risky Ponzi schemes.

Property ownership climbed to 69 percent in 2004. However, the availability of subprime mortgages in years prior to that, combined with the inflated prices of houses in the United States, paved the way for the current national housing crisis.

Phoenix-area bankruptcies shot upward in August after a four month downtrend according to the U.S. Bankruptcy Court in Arizona. Bankruptcies in the Valley are now on track to surpass 30,000 for the year, almost 5,000 more than in 2009.

In February 2010, the federal government established the "Hardest Hit Fund" to provide help to states facing the worst of the financial and foreclosure crisis. The first five states to receive money from the program - Arizona, California, Florida, Michigan and Nevada - all experienced more than a 20 percent decline in the average home price according to the U.S. Treasury Department.

When introduced, the federal government's foreclosure rescue program offered hope to millions of people facing the loss of their homes. The reality has fallen far short of expectations: less than half a million people have had their mortgages permanently modified since the program began in early 2009.

If you face decisions on bankruptcy and your underwater mortgage, talk to a bankruptcy lawyer who understands the protections bankruptcy law offers you and your family.

The Supreme Court recently heard oral arguments in an important case to determine the boundaries of the advice an attorney may give to a client considering filing for bankruptcy protection.

National unemployment rates have pushed individual bankruptcies to new highs. Even as layoffs decrease, bankruptcy filings continue to rise. In states like Arizona, the situation is especially dire.

Recently the U.S. Supreme Court heard oral arguments in an unusual bankruptcy case concerning the procedural requirements for discharging student loan debt in a Chapter 13 bankruptcy.