Although there was a decrease nationally in bankruptcy filings last year, Tennessee remained second in the nation for bankruptcies, per capita. Nationally, the number of bankruptcy filings dropped 46 percent in January when compared to December, but increased 5 percent from a year earlier. There were 54,574 filings nationally in January, which was a decrease from December, but an increase from November. In Tennessee, there were 5.08 bankruptcies per 10,000 people, slightly down from December.
This blog recently discussed a Tennessee company that was struggling, and other business owners may wonder what to do if they are in a similar situation. When a business is struggling with debt, it can be an overwhelming situation. The options available, and how they operate, can depend on the business structure and whether it is a sole proprietorship, partnership, LLC or corporation. When a business is behind on its debts, creditors may attempt to collect money that is owed and filing for bankruptcy can have an impact on what creditors are able obtain.
Business bankruptcy options provide a variety of resources to struggling businesses. A Tennessee-based company, Pure Foods, recently filed for Chapter 11 bankruptcy protection.
Business bankruptcy options can help Tennessean businesses recover from the struggles they have been facing. Chapter 11 business bankruptcy options are designed to help struggling businesses get back on their feet. In doing so, Chapter 11 bankruptcy provides the opportunity for the filing company to restructure its debts, while it continues to operate with the goal of returning to profitability once again.