bankruptcy Archives

Though bankruptcy filings may be decreasing nationally, Tennessee remains among the top 3 states in the nation for bankruptcy filings. Bankruptcy filings in a neighboring Tennessee city just southwest of the Cleveland area were up somewhat in the first half of 2018 which brings them up to their highest level in five years for the first six months of the year. Bankruptcy filings have increased slightly each year since 2014 as the economy has improved and population numbers and borrowing has increased.

Whether it is a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, Tennessee debtors who are moving forward with the process should be aware of certain issues that could arise. One issue is the discharge and whether creditors can lodge an objection to it before it is granted. Understanding when creditors might object is critical to a filing.

One of the biggest concerns homeowners who are considering bankruptcy may have is the security of their home in the process. When a party is considering bankruptcy, they are likely facing overwhelming debt and have many concerns related to their financial situation and financial future. In some instances, but not all, the party filing for bankruptcy is able to keep their home but they should be familiar with how that may be possible.

Personal bankruptcy protections are a resource for consumers struggling with overwhelming debt to understand and carefully consider. Bankruptcy options can provide important relief. Though the American Bankruptcy Institute recently reported that May bankruptcy filings dropped based on a year-over-year comparison and sequential comparison, Tennessee was second on the list of states with the highest per capita bankruptcy filings for May.