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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.

What does the bankruptcy trustee do during bankruptcy?

Bankruptcy trustees are an important part of the bankruptcy process which is why filing parties should ensure all their questions about the role of the bankruptcy trustee are answered. Bankruptcy trustees are involved in both the Chapter 7 and Chapter 13 bankruptcy processes, though their roles may differ depending on the type of bankruptcy protection the filing party has filed for.

Tennessee bankruptcy filings second highest in nation

Bankruptcy is an important resource for those struggling with debt to consider. Bankruptcy rates were up last month nationally and also increased 3% when compared to the same month last year. The total number of bankruptcies last month nationally was 64,283. Both personal and consumer bankruptcy rates increased. Tennessee had the second highest rate of bankruptcy filings in the country. The average bankruptcy rate per capita nationally last month was 2.5 per 10,000. The rate in Tennessee was over twice that at 5.39.

Bankruptcy can help with medical debt challenges

Medical debt can be daunting and can continue to pile up which is why it is helpful for anyone faced with medical debt to be familiar with personal bankruptcy protections. Personal bankruptcy protections can provide relief from medical debt and other types of debt and help struggling consumers move on with their lives debt free.

How Chapter 11 reorganization bankruptcy can help businesses

Chapter 11 bankruptcy is an important resource for businesses that are struggling but wish to remain in business. Chapter 11 bankruptcy is a reorganization bankruptcy option like Chapter 13 bankruptcy is a reorganization personal bankruptcy option.

Will I lose my jewelry in bankruptcy?

In a recent episode of a popular television show, a wealthy couple has to file for bankruptcy and faces the loss of their home, car and even the wife's wedding ring. The question comes up for parties considering personal bankruptcy protection for debt relief how their property will be handled during the bankruptcy process.

The importance of homestead protections

Personal bankruptcy protections are important for struggling homeowners and struggling consumers alike. There are additional protections built into the bankruptcy process, including bankruptcy exemptions, which is why filing parties and those considering bankruptcy should be familiar with the homestead bankruptcy exemption and how bankruptcy exemptions work.

Important help for struggling homeowners

The thought of foreclosure is an understandably terrifying idea to many homeowners and families yet unexpected financial struggles are real. This blog recently discussed who may be able to receive Chapter 13 bankruptcy protection and it is important for struggling homeowners to know that Chapter 13 bankruptcy resources may be able to help them with foreclosure concerns.

What to expect from the bankruptcy process

Knowing what to expect is always important in any stressful situation and being aware of what to anticipate during the bankruptcy process is no different. What to expect from the bankruptcy process generally depends on what type of bankruptcy protection the filing party is filing for, however, bankruptcy protections in general can provide debt relief to struggling consumers and businesses.