California leads the nation in number of bankruptcy filings, with more than 126,000 filings during the first half of 2011, reports CreditCard.com.
But that’s not unexpected since California has the highest population among the 50 states. Perhaps the more meaningful ranking is per-capita bankruptcy filings. On that list, California is 5th for the first 6 months of 2011. (It was 6th in 2010.)
There’s little doubt that the state and region are struggling economically. According to the U.S. bankruptcy court, the Central District of California, which includes Orange County, had the second highest increase in bankruptcy filings in the nation in the past year.
CreditCard.com has a nifty interactive U.S. map that gives state-by-state bankruptcy details for 2007 through 2011.
It’s instructive to see how little problem bankruptcies were in California and most of the country a mere 4 years ago (except for Tennessee, Georgia and Alabama). That year, California had only 1.94 bankruptcy filings per 1,000 residents — and ranked 37th among the states — compared to 6.82 per thousand in the first six months this year.
There still are a lot of bankruptcy filings, according to the U.S. bankruptcy courts. The nation is on a pace to have 1.45 million bankruptcies this year. That compares with 1.55 million in 2010 and 1.44 million in 2009.
Read the rest of the article at Loan Safe
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