Filing for bankruptcy seems like a complicated procedure, and it certainly can be without proper legal representation support you throughout the process. If you secure a reputable attorney, however, with experience in the area of bankruptcy, your Chapter 7 filing can be expedited and your lawyer can guide you through any potential foreclosure or liquidation that results from this filing.
There is a wide-reaching effect on employees, board members, owners and customers when a company decides to go bankrupt. When a business declares bankruptcy, there are a variety of side-effects that impact people associated with the company. Customers lose confidence in the product, business owners must recompose themselves financially and employees of the company can watch years of savings disappear.
Tennessee has had one of the highest personal bankruptcy rates in the country, and that trend did not change in 2011. According to a Columbia law professor who analyzed the 2011 national bankruptcy rate, Tennessee has the 4th most personal bankruptcy filings in the U.S. behind only Nevada, Georgia and Utah.
In the last few years, the tough economy has affected millions of families in Tennessee and all across the country. Although unemployment and other factors have contributed to the economic crisis, some believe a lack of knowledge in financial matters may have also contributed.