One percent of the Mississippi population, nearly 30,000 people, has an active bankruptcy which some experts say is a high number.
Chief U.S. Bankruptcy Judge for northern Mississippi Jason Woodard talked to Columbus Rotarians Tuesday afternoon. Judge Woodard says there are misconceptions about bankruptcy and it is often times necessary.
He says bankruptcy filings are down right now and are beginning to level off. He says many people have this misconception that those who file are financially irresponsible.
“A lot of times it’s driven by market forces, it’s driven by divorce or illness or a job loss," Judge Woodard said. "So part of what we talked about today is what bankruptcy is and why it’s necessary for some many people especially here in Mississippi, the poorest state in the union.”