With many Tennessee residents still struggling with the effects of the fluctuating economy (unemployment, credit card debt, inflation and growing medical expenses), one would think that Americans would be more inclined to save money. Instead, many continue to keep on spending money they do not even have. This leads to an increased rate of personal bankruptcies not just a couple hundred or thousand, but possibly millions, if Americans continue to overspend.
When Tennessee business owners make the decision to file for bankruptcy, it's typically because they owe too much debt. However, a daycare facility has filed for bankruptcy in order to avoid having to pay damages to two families who are suing the owners for abuse. The families have filed a lawsuit against the daycare after employees instigated a fight between three boys and then videotaped the event on a cell phone.
When Tennessee consumers are struggling with overwhelming credit card debt, where should they turn? Bankruptcy, debt settlement and debt consolidation are touted as popular options. What else can be done to get a person back on track financially?
Most Tennessee bankruptcies are filed voluntarily, meaning that the person or company in financial trouble is the one who files for bankruptcy. However, sometimes bankruptcy can be filed involuntarily when creditors file for Chapter 7 bankruptcy protection for another company. This situation, mixed in with some complex and difficult elements, recently occurred with a law firm dealing with bankruptcy.