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Bankruptcies in Chattanooga area edge lower

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The U.S. Bankruptcy Court in  Chattanooga's historic Custom House on 11th Street. / Angela Lewis. Times Free Press. The U.S. Bankruptcy Court in Chattanooga's historic Custom House on 11th Street. / Angela Lewis. Times Free Press.
Laura McNutt. Times Free Press. Laura McNutt. Times Free Press.
CHATTANOOGA -

(Times Free Press) - The number of Chattanoogans going broke fell for the second consecutive year in 2011 as the number of local jobs rose and property foreclosures declined.

But the rate of bankruptcy filings in the tri-state region was still nearly twice the rate of the rest of the country last year.

"The decline in total filings reflects the retrenchment in consumer spending associated with a down U.S. economy," Samual Gerdano, executive director of the American Bankruptcy Institute, said in a report on the annual bankruptcy filings. "As consumers continue to deleverage their debt and access to credit remains tight, bankruptcy filings will continue to decrease."

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