Ga. bankruptcy rate 3rd highest

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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.

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andywarhol
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andywarhol 01/02/10 - 01:25 pm
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"Experts say high

"Experts say high unemployment, a crashed real estate market and creditor-friendly laws were among the causes." as well as high drop out rates, prior convictions, poor work ethics, and mixed up priorities. Buying too many luxuries without any thought of what the future might bring. Even I, with very good job security, is careful of my spending, because of the economy. Yet, people are still stretching themselves thin without a care in the world.

ICSunshine
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ICSunshine 01/02/10 - 01:28 pm
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"Yes we can!"

"Yes we can!"

ispy4u
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ispy4u 01/02/10 - 02:20 pm
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Yes we have!!!!!!

Yes we have!!!!!!

seenitB4
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seenitB4 01/02/10 - 03:57 pm
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KSL I hope U read this story

KSL I hope U read this story especially after our conversation last night.. The one about jobs out there..

KSL
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KSL 01/02/10 - 04:09 pm
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Bankruptcy laws are state

Bankruptcy laws are state laws. I don't care to research whether in Georgia filing bankruptcy is more favorable to the individual, thus the ranking. Seenit, with the unemployment rate in Michigan and other states with higher unemployment rates, you would think they would have the higher bankruptcy rate, wouldn't you? I wonder.

corgimom
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corgimom 01/02/10 - 05:00 pm
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KSL- "At the county level,

KSL- "At the county level, the counties with the highest filing rates (adjusting for households located in the county) were concentrated in Georgia. Seven of the ten counties with the highest filing rates were in Georgia, with the highest rate in the county occurring in Shelby County, Tennessee (Memphis), with a filing rate almost three times the national average. The second and third highest filing rates were in two counties east of Atlanta (Newton and Barrow), both with filing rates more than two and a half-times the national average. "
Those 7 counties alone could skew the entire state, like Shelby County did for TN. "The States with the biggest increase in filings since 2008 were Arizona (an 80% jump) followed by Nevada, California, Wyoming, and Utah (all with increases of about 60%). Although 2009 filings are higher than 2008 filings in all States, several States have experienced comparatively modest increases. The lowest increases (all about 12-15%) are in Nebraska, Pennsylvania, Alaska, Tennessee, and South Carolina."

kulay294
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kulay294 01/02/10 - 11:41 pm
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Whats common about the

Whats common about the South!!!!!

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