Going Broke in Ohio
February 22, 2005
In 2003, the bankruptcy rate in the United States and Ohio reached a record high. Ohio’s rate climbed more steeply than that of any other state between 2000 and 2003. By 2003, there were a record 5.5 personal bankruptcy filings for every 1,000 people living in the U.S., and 7.7 personal bankruptcy filings for every 1,000 people living in Ohio. Ohio’s rate was eighth highest in the country and higher than all Midwestern states except Indiana’s.
This February 2005 report from the Center for American Progress, adapted and released locally by Policy Matters Ohio, explores the growth in personal bankruptcy, discusses reasons behind the trend and proposes preliminary solutions while calling for further study.