While Tennessee's economy is healthy, a recent report revealed that it also leads the nation in personal bankruptcy filings. From the beginning of April 2015 to the end of March 2016, Tennessee had the highest rate of personal bankruptcies in the United States at a rate of rate of 553 filings per 100,000 residents. The median for the same time period in the U.S. was 224 filings per 100,000 people.
Personal bankruptcy rates depend on several factors, including median income and consumer protection laws in the state. States with fewer consumer protections tend to see more bankruptcy filings, including filings to protect household goods and wages. Fortunately, there are several bankruptcy options that can help struggling consumers enjoy a fresh financial start and future.