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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.

While the number may seem high it actually represents a slight drop in filings since the same time last year. This is certainly a good sign, but it also suggests that there are still a lot of every day people with big financial problems. In this economy, these numbers show that a lot of people are still dealing with financial trouble.

Of all the multiple bankruptcy chapters to choose from, Chapter 13 filings made up the majority of those filed in Shelby County. According to the data, there were 2,483 Chapter 13 filings, also known as "wage earner" cases, last quarter. In addition, the third quarter showed 683 Chapter 7 Bankruptcy filings. Furthermore, some in the industry suggest that there may be an insurgency in Chapter 7 filings as more and more filers are qualifying for Chapter 7 relief.

For people considering bankruptcy it is important to know that there are others out there. In fact, there are huge numbers of people struggling just to get by, and sometimes bankruptcy is the only answer. Waiting while things get worse is certainly not going to change anything, but bankruptcy will. That is why it is important to speak with someone about bankruptcy sooner than later. It can be the first step to getting a person's life and finances back on track.

Source: The Daily News, "Bankruptcy Filings Drop 4 Percent," Bill Dries, Oct. 19, 2012

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Mark T. Young & Associates
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Hixson, TN 37343

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