ATLANTA Georgia has the third-highest bankruptcy rate in the nation.
One in 50 households in the state declared bankruptcy in the first 11 months of 2009, The Atlanta Journal-Constitution reported.
Statistics compiled by the National Bankruptcy Research Center showed that federal bankruptcy courts in Georgia handled 66,925 filings from January to November. That's 22 percent more than during the same period of 2008.
The center says only Nevada and Tennessee showed higher rates of personal bankruptcy.
Nationwide, there were nearly 1.3 million personal bankruptcy filings between January and November - up 32 percent over 2008.
Experts say high unemployment, a crashed real estate market and creditor-friendly laws were among the causes.