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October 2012 Archives

Third quarter bankruptcy filings in Tennessee

Some people who file for bankruptcy may feel alone, but a quick look at the numbers demonstrates just how wrong that feeling really is. In fact, in Shelby County alone there were 3,171 bankruptcies in just the third quarter of 2012. This includes all categories of bankruptcy, including Chapter 13 bankruptcy, also known as debt reorganization, filed in the Shelby County in the third quarter of this year.

How does the homestead exemption apply to bankruptcy filers?

Last week we discussed the bankruptcy of football coach John L. Smith. In the context of that conversation we also discussed exemptions. In general, Tennessee consumers, like all those who file, must repay a portion of their debt in bankruptcy, either through repayment or liquidation. The laws, however, do carve out bankruptcy exemptions that allow people to keep certain property. Among these, the homestead exemption is often the most important.

College coach filing for bankruptcy on 40 million dollar debt

At what point is it filing for bankruptcy appropriate? The answer depends on the individual. One way to address the question is to compare a person's liabilities against his or her assets. For college football coach John Smith, that calculation produces approximately a 40 to 1 debt to asset ratio. Tennessee residents might find this article on Smith and Chapter 7 exemptions interesting.

Filing bankruptcy is a solution to end creditor harassment

Tennessee consumers know the story all too well. First, a consumer falls behind with the credit card bills, then their home mortgage. Before they know it, the creditor harassment begins. Of the many reasons that consumers finally decide to file for bankruptcy, creditor harassment is likely near the top. Whether a consumer has fallen behind due to unemployment, or unexpected medical bills, the following article might provide a little hope.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

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