Georgia’s bankruptcy rate rises above national average

While a majority of states are reporting a drop in the number of bankruptcies filed, Georgia’s rate continues to grow; now showing that the state is 70 percent above the national average.

We’re not alone though, says Cloud Technology Systems, Inc, an industry leader in credit repair advice, who points out that three other states-Tennessee, Utah, and Nevada-are all reporting this alarmingly high rate of bankruptcy as we venture into the New Year.

But how can this be? The rest of the nation reported a 14 percent decrease in bankruptcy filings during the first three quarters of 2012 compared to the same period of time in 2011. Projections seem to indicate that with the rebound in the economy and with unemployment continuing to drop, many financial experts say 2013 looks rather promising for positive financial growth.

An economics specialist at the University of Tennessee thinks that the filing rate is so high because of the “if your neighbor does it, you have to do it as well” mentality. Sometimes the allure of discharging all of your unwanted debt can trump the knowledge that bankruptcy is a serious decision that can have lasting negative impacts on your future financial security.

It’s always important to remember that although bankruptcy can often times help you get out of a particularly difficult financial crisis, it’s a decision that probably shouldn’t be made without the help of a skilled bankruptcy lawyer. They can give you the necessary advice that can help you make a more well-informed decision when it comes to rebuilding your credit so you don’t end up like another statistic.

Source: The Houston Chronicle, “Bankruptcy Rate 70% Above the National Average in Tennessee, Georgia, Nevada and Utah in 2012 According to National Bankruptcy Research Center as Reported by Cloud Tech,” PRWeb, Dec. 31, 2012