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Last updated 12:19AM ET
March 6, 2021
Alabama
Alabama
Alabama Bankruptcies Among Nation's Highest
(2007-11-26)
(APR - Alabama Public Radio ) - Many are working in Alabama, but many also are going broke. Alabama has record low unemployment, but court records show the state ranks No. 3 in the nation for bankruptcy filings.

Experts say home foreclosures and surging consumer debt are contributing to the bankruptcy boost. Foreclosure filings in Alabama rose 32 percent in the third quarter compared to the same period in 2006, according to RealtyTrac, a firm that tracks mortgage defaults

For the year ended September 30th, Alabama averaged five bankruptcy filings per 1,000 people, nearly double the national average of 2-point-62 filings, according to figures from the Administrative Office of U.S. Courts.

Only Tennessee, with 6.2 filings per 1,000 residents, and Georgia, with 5.04 filings, surpassed Alabama.

The American Bankruptcy Institute, which analyzes court data, said Alabama had 17,585 personal bankruptcies in the first nine months of the year, up 24 percent from the same time frame in 2006.

The increase, however, trailed the nation's 50 percent jump.

(Copyright 2007 by The Associated Press. All Rights Reserved.)
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