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NORCROSS, GA, April 16, 2013 /24-7PressRelease/ -- Trends show that the United States is on an economic upswing but that is not the case everywhere. Some areas are recovering at a slower pace than the national average. 430 people filed for bankruptcy in Chattanooga in January. Tennessee is the leads the nation in the number of bankruptcies. There bankruptcy filing rate is 70% above the national average.
Over 90% of people who choose to file for bankruptcy in Chattanooga do so after losing their job, because of illness or due to a divorce. The average filer's age is 38 but the fastest growing group is those people 25 and younger.
Tennessee's current rate of unemployment is just under 8%. Interestingly enough most people do not file for bankruptcy while they are unemployed probably because they don't have the cash for filing fees, many also build debt on credit cards during unemployment. Most people who hire a Chattanooga bankruptcy attorney due to job loss do so after returning to work. People are going back to work in Tennessee but the last few years have taken their toll.
Tennessee is 10th in the nation when measuring the divorce rate. Many times after a divorce and the division of assets it becomes necessary for one or both parties to file for bankruptcy.
With the growing older population medical costs have sky rocketed. According to the Healthcare Cost and Utilization Program (H-CUP) as of 2010 the average hospital stay added up to about $9700. If a person is uninsured it would not take long to be forced into bankruptcy. There are many other reasons that people find themselves in the position where they consider bankruptcy.
Bankruptcy is not always the best solution but many times it can put you in a better financial situation and help you recover from difficult times. Bankruptcy laws can be complicated and the process daunting. It is best to hire a Chattanooga bankruptcy attorney to guide you through the process.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.chattanooga-bankruptcy-attorney.com.
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