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September 2019 Archives

Tennessee-based company announces bankruptcy

Chapter 11 bankruptcy is an important type of bankruptcy protection that can help a struggling business reorganize their debt and stay in business. A Tennessee-based discount retailer and pharmacy chain has announced it is seeking Chapter 11 bankruptcy protection. The company has begun liquidation sales and will be closing stores in the coming months. Earlier this year, the company announced it was closing greater than 280 underperforming stores in 13 states. Through the bankruptcy court, the company is seeking a financing agreement up to $35 million with certain lenders

What is a bankruptcy exemption?

While bankruptcy is an all-around protection for struggling consumers faced with overwhelming debt, bankruptcy exemptions provide an additional layer or protection for the filing party's property. The way it works is that bankruptcy exemptions protect certain categories and amounts of property so those seeking bankruptcy protection should be familiar with what those property exemptions are.

Lien stripping may help you keep your house

Your income used to be enough to live on, but lately, it seems as if you have more bills than you do paycheck. The idea of declaring bankruptcy may seem appealing, but you love your house, and losing it is just not an option. Filing Chapter 13 bankruptcy allows you to catch up on your bills through a repayment plan that focuses on helping you keep your assets such as your home and your car.

The different ways Chapter 13 bankruptcy can help consumers

Chapter 13 bankruptcy is important for struggling consumers, homeowners and others to understand. The importance of Chapter 13 bankruptcy protections to consumers cannot be overstated if they wish to enjoy debt relief but want to retain their assets, including a family home in some circumstances.

Bankruptcies up and continue to be high in Tennessee

Bankruptcy relief is an important legal protection for struggling consumers to be familiar with. While there was a year-over-year drop in consumer bankruptcy filings, the number of consumers seeking bankruptcy protection during August increased. Commercial bankruptcy filings also rose year-over-year and in the month of August. One expert noted that recent changes in the law have provided better access to bankruptcy protection for struggling small businesses, family farmers and veterans.