Where you live can impact the odds that you will need to file for bankruptcy. There are many contributing factors, of course, so not every individual faces the same risks, but a look at the trends does show you if you’re in an area where bankruptcy is common or one where it is rare.
With this in mind, let’s take a look at where Tennessee ranks out among the other states in the U.S. This may tell you a lot about how likely you are to file in the future, or it can shed some light on why you need to file now if you’re already looking into it.
The top state in the country
The reality is fairly simple: No state ranks higher for bankruptcy filings than Tennessee. With 610 filings per 100,000 people in the state, it has the highest bankruptcy rate in America. This is followed by Georgia, with 524, and by Alabama, with 519. Even among these three at the very top of the list, you can see that there is a large gap. The lowest rate is in Alaska, with just 56 filings per 100,000 residents.
Remember that these rates do not signify overall filings. There are certainly more in high-population states like New York or California. But comparing the rates shows you how common bankruptcy really is by adjusting it for how many people live within each state.
What can you do if you’re having financial difficulties?
If you’re facing debt problems during this difficult time, it can have a huge impact on your life and your family. Make sure that you know how a personal bankruptcy filing may help and how it can address that debt. Chapter 7 bankruptcy may allow you to eliminate that debt entirely, while Chapter 13 will give you a chance to set up an affordable repayment plan.