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.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.