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Many Tennessee residents seek bankruptcy protection

Tennessee residents are faced with major financial decision throughout their lives. Some apply for mortgages, others apply for car loans. Some will open up credit card accounts, and other will focus on saving for retirement. No matter the variety of choices that are made, one thing is true: if a debt situation becomes too burdensome, many Tennessee residents may able to file for bankruptcy.

And that is exactly what many Tennessee residents have chosen to do. According to reports, Tennessee leads the nation in filings for personal bankruptcy, which can include Chapter 7 and Chapter 13 bankruptcy filings. From April of 2015 through March of 2016, Tennessee residents reportedly filed 553 bankruptcy petitions per every 100,000 residents. Most of the petitions came from the Memphis and Chattanooga areas.

Tennessee was not the only southern state that ranked high in bankruptcy filings. Alabama and Georgia came in second and third, respectively, and six of the top 10 overall were in the South.

Why is Tennessee leading the nation? For a variety of reasons. However, one important factor is that federal bankruptcy laws provide Tennessee residents more protection than do state debtor protection laws. Because of better federal protections it often makes sense for Tennessee residents to file now and rebuild their financial portfolios as they go.

Tennessee residents considering whether or not they should seek a fresh financial future by filing for bankruptcy may benefit from getting more information about their own unique circumstances. That could be the first step towards ending creditor harassment and receiving a clean financial slate.

Source: Nashville Business Journal, "Bankruptcy blues: Tennessee leads the nation in personal filings per capita," Will Racke, Aug. 8, 2016

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

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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