Tennessee, Georgia, and Other Southern States Have the Highest Bankruptcy Rates in America

by Hank Coleman

With all the stories in the news about Nevada and Florida’s housing bubble bursting and home prices tanking, you might think that those states rank the highest in America for bankruptcies.  But, that’s actually not the case.  The country’s southern states are actually fairing worse than the current financial crisis’ high profile states that make the nightly news.

CreditCards.com compiled an interactive look at the state-by-state statistics for bankruptcy cases, and the figures are quite startling.  The top ten states with the highest bankruptcy rates per capital are listed below:

  2008 Data Filings Per
1,000 People
1 Tennessee 7.41
2 Nevada 6.95
3 Georgia 6.05
4 Alabama 6.04
5 Indiana 5.98
6 Michigan 5.32
7 Kentucky 4.91
8 Ohio 4.81
9 Arkansas 4.68
10 Colorado 4.21
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