It appears that, currently, filing for bankruptcy is a more common thing for Tennesseans than it is for people from other parts of America. This is what a recent set of statistics indicates.
The statistics regard per capita bankruptcy filing rates in the nation and the states. Reportedly, in the U.S. as a whole, the rate is 2.39 bankruptcy filings for every 1,000 people.
The rate for Tennessee is over twice this rate. Specifically, the state has a rate of 5.17 bankruptcy filings for every 1,000 people. This rate not only significantly exceeds the national average, it is also higher than the rate of any other state. The next closest state rate is Alabama’s, which is 4.83 filings for every 1,000 people.
Now, in one regard, being at the top of this list is a discouraging thing. Bankruptcy filings are generally made by individuals who are facing financial troubles. So, Tennessee having such a high per capita bankruptcy filing rate may be indicating that there are quite a few people in the state who are facing significant problems on the financial front.
There may, however, also be a more positive aspect to Tennessee’s high bankruptcy filing rate. Bankruptcy can be a very helpful debt relief tool for those who are in financial turmoil. Thus, while the high filing rate could indicate that a high number of Tennesseans are dealing with financial difficulties, it may also be indicating that quite a few Tennesseans may be on their way to finding some relief through bankruptcy when it comes to these difficulties.
Tennesseans who are experiencing financial difficulties and are wondering if bankruptcy could help them should consider discussing their financial situation with a skilled bankruptcy lawyer.
Source: Memphis Business Journal, “Tennessee tops in bankruptcy,” Ed Arnold, March 9, 2015