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November 2016 Archives

Two Tennessee long-term care facilities enter business bankruptcy

Two long-term care operators in Tennessee recently announced that they are voluntarily filing for Chapter 11 bankruptcy protection. The long-term care companies will continue to operate the businesses as debtors in possession during the reorganization bankruptcy. They will retain the same management and staff to continue to run the businesses and provide for residents. In a statement, a representative announced a commitment to continuing to provide high-quality care to residents.

Understanding the homestead exemption in Tennessee

A previous post here discussed exemptions that may protection certain property from the bankruptcy process for Tennessee residents who have filed for a Chapter 7 liquidation bankruptcy, allowing the filing party to liquidate non-exempt assets to repay creditors and enjoy debt relief. The homestead protection, which may provide both state and federal protections, is an important protection for many filers to be aware of.

Business bankruptcies continue to increase year-over-year

Business bankruptcy filings increased by 21 percent in October for United States businesses when compared to the same month a year ago. There were a total of 3,023 business bankruptcy filings in the U.S. in October of 2016, while the number of business bankruptcy filings for 2015 was 2,491. October of 2016 also marked 12 consecutive months in a row that saw a year-over-year increase in business bankruptcy filings.

Personal bankruptcy options may help stop wage garnishment

Struggling with debt can be overwhelming enough without the added stress of wage garnishment. When a judgment for a debt has been obtained, it is likely that the party against whom the judgment is being enforced will be subject to wage garnishment. Personal bankruptcy options provide resources to help stop collection actions and prevent additional collection activity, including wage garnishment in some circumstances.

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