Nevada Posts Twice the National Average for Households Filing Bankruptcy

Recent data from the National Bankruptcy Research Center shows that Nevada and California posted high numbers of households filing bankruptcy through April.

Recent data from the National Bankruptcy Research Center shows that Nevada and California posted high numbers of households filing bankruptcy through April.

Overall, of every 1 million households in the country, 4,500 have had to declare bankruptcy during the first four months of the year. That comes to a ratio of one in every 225 households.

However, Nevada has posted twice that rate, which is the highest in the country. California also saw a rate of 1.5 times the national average.

Both of these states have been greatly affected by the housing crisis seen during the recession, which had many consumers trying to avoid foreclosure. As housing values dropped, many consumers found themselves underwater on their home loans, meaning they owed more on their mortgage than the house was actually worth.

Others have struggled with increasing credit card debt while facing layoffs. According to the U.S. Bureau of Labor Statistics, the unemployment rate in April rose from 9.7 to 9.9 percent.

On the national level, the NBRC reported that the number of bankruptcies actually dropped 1 percent between March and April. However, filings are up 17 percent on a year-to-date basis.

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