With 4.72 bankruptcy filings per thousand residents, Illinois ranked number five among states with the highest per capita bankruptcy filing rates in 2014. Tennessee topped the list with 6.22 filings per thousand. Alabama, Utah and Georgia were also in the top five, according to data released by the American Bankruptcy Institute. On a national level, the report revealed a 16 percent decrease in overall bankruptcy filings compared to this time last year. In November 2013, there were 74,070 bankruptcy filing versus 62,403 just last month.

Read the entire article to learn the reasons behind the decline in filings. Image Credit: Robert Couse-Baker