While Tennessee's economy is healthy, a recent report revealed that it also leads the nation in personal bankruptcy filings. From the beginning of April 2015 to the end of March 2016, Tennessee had the highest rate of personal bankruptcies in the United States at a rate of rate of 553 filings per 100,000 residents. The median for the same time period in the U.S. was 224 filings per 100,000 people.
Business bankruptcy is available to provide helpful options for companies seeking to return to a successful history. A Tennessee-based restaurant recently announced it was filing for bankruptcy and closing 18 of its 25 restaurants in Tennessee. The plan to close underperforming restaurants is part of an overall plan to improve the financial performance of the restaurant chain. The company filed for Chapter 11 reorganization bankruptcy. The parent company for the restaurant chain has secured $25 million in bankruptcy financing for the restructuring plan.
If you are considering Chapter 7 bankruptcy, you may be concerned about what the liquidation process entails. In general, Chapter 7 bankruptcy is considered a liquidation bankruptcy for those who qualify to liquidate non-exempt assets to repay debts and enjoy a fresh financial start. Because of the importance of bankruptcy exemption protections, you may wonder what they are, what they mean and how they may impact your bankruptcy process.