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January 2, 2010

Ga. has 3rd-highest bankruptcy rate in the nation

ATLANTA (AP) — Georgia has the third-highest bankruptcy rate in the nation.

The Atlanta Journal-Constitution reports that one in 50 households in the state declared bankruptcy in the first 11 months of 2009.

Statistics compiled by the National Bankruptcy Research Center showed that federal bankruptcy courts in Georgia handled 66,925 filings from January to November 2009. That’s 22 percent more than during the same period in 2008.

The center says only Nevada and Tennessee showed higher rates of personal bankruptcy.

Nationwide, there were nearly 1.3 million personal bankruptcy filings between January and November 2009. That’s up 32 percent over 2008.

Experts say high unemployment, a crashed real estate market and creditor-friendly laws were among the causes.

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Information from: The Atlanta Journal-Constitution, http://www.ajc.com

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