The great recession may feel like history now as the economy continues to improve in Tennessee and across the nation. However, that does not mean that three are not consumers who continue to experience serious financial difficulties. Businesses may still lay workers off and individuals might be forced to pay excessive costs for health-related matters ranging from direct medical treatment to in-home care and more. These are just two of the situations that often contribute to a person needing to seek help for unmanageable levels of debt.
If you are one of these people, you should know that you are not alone. This may help you avoid the feelings of embarrassment that sometimes accompanies financial problems and that may even prevent you from seeking the help you need and might receive. According to the United States Courts, there were more than 35,420 total filings for bankruptcy in the state of Tennessee from October 1, 2016 through September 30, 2017. Personal bankruptcies accounted for nearly all of these bankruptcy cases.
During that year, the state saw more than 20,000 non-business bankruptcy Chapter 13 filings. More than another 14,000 personal Chapter 7 bankruptcies were initiated in that same 12 months. The western region was the area with the most filings followed by the eastern region and then the middle region. In total, consumers filed for more than 35,000 total bankruptcies.
This information is not intended to provide legal advice but is instead meant to give Tennessee residents an idea of how many people across the state file for either Chapter 7 or Chapter 13 bankruptcies.
