According to a recent report, Kentucky ranks in the top 20 percent of the "most stressed" states, coming in 9th among all the states and the District of Columbia.
Not surprisingly, money trouble played a role in the state concerning its "stress" ranking. With respect to stress related to finances, Kentucky came in 8th out of all the states. Kentucky's rating for health and safety issues was also worrisome, especially given that this report considered whether and to what extent people were able to afford their health insurance premiums and out-of-pocket costs.
Interestingly, however, people in this state were relatively unconcerned about their jobs and job security. Kentucky ranked 26th out of the states, an average rating, when it came to job-related stress.
To determine the financial stress level of Kentucky's population, the report gave a lot of weight to median household income. It also strongly factored the number of people in this state who have said they were worried about their finances. To a lesser extent, the survey also factored in the average debt load and the views of residents with respect to their confidence in the economy. Interestingly, the survey also placed a lot of weight on the number of people who filed for personal bankruptcy in this state.
Although it may be true that financially stressed people tend to file for bankruptcy, a Chapter 7 bankruptcy is also a great way for families in Louisville to relieve their financial stress, as it can offer them a fresh start in which they can get back on their feet financially without having to worry about paying off a pile of debt. Particularly since it appears from this recent report that many households in this state are being forced to stretch their dollars too thin, it is important to keep in mind that personal bankruptcy is a viable option for some people.