Tennessee on top with bankruptcy filings

NASHVILLE (AP) -- Tennessee had the highest number of bankruptcy filings per household of any state last year.

A new report from the National Bankruptcy Research Center shows that one in every 59 households filed for bankruptcy in 2007.

Vanderbilt University Law School's William Norton says the trend is nothing new -- Tennessee has been first in bankruptcies before and probably will be again.

He says one reason is that high rates of homeownership here lead people to file for bankruptcy to protect their homes.

According to the report, more than 38,000 Tennessee households filed for bankruptcy in 2007.

(Copyright 2008 by The Associated Press. All Rights Reserved.)



 
Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus