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Bankruptcies decrease, yet economic recovery slow in Tennessee

The news is full of optimistic stories about how much better the economy is getting. From job growth to rising housing prices the word on the street is that things are improving for consumers. Unfortunately, while the numbers may be getting better, the average American may not be able to tell the difference. In fact, a recent report showed that Tennessee had the highest rate of bankruptcy filings in the nation last year, this included Chapter 7 bankruptcy filings.

According to multiple independent analyses, bankruptcy filings fell in 2012. This includes consumer bankruptcy filings such as Chapter 7 and Chapter 13 and business filings. The American Bankruptcy Institute reports that in 2012 the number of people and entities that filed for bankruptcy totaled 1.2 million. This equates to a 14 percent decrease in filings for bankruptcy since the same time in 2011. The ABI also noted that the states that had the highest per capita filing rates include Tennessee, followed by Nevada, Georgia and Alabama.

In an equally ominous report, the National Bankruptcy Research Center noted that although bankruptcy rates have fallen nationally there are four states on the list that are 70 percent above the national average. These states include Tennessee, Nevada, Georgia and Utah.

The purpose of this article is not to depress the reader but to shed some light on the reality of the U.S. economic recovery. Yes, things may be getting better, but there is still a long road ahead. For those who are in need of a fresh financial start or struggling with debt there may be a very immediate answer. To learn more about chapter 7 bankruptcy or the many other available options for consumers contact a debt relief professional immediately.

Source: Birmingham Business Journal, "Bankruptcies fall, but Alabama has high per capita filing rate," Antrenise Cole, Jan. 29, 2013

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