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August 2019 Archives

The basics of straight bankruptcy and what it can do

This blog frequently discusses the different types of bankruptcy and what different bankruptcy options can do for struggling consumers, homeowners, businesses and others. Chapter 7 bankruptcy, commonly referred to as straight bankruptcy, is a bankruptcy option anyone considering bankruptcy should be familiar with when determining which bankruptcy option is best for them.

Bankruptcy filings increase in July, especially in Tennessee

Some people may be under the impression that bankruptcy filings only peak when the country is in a recession. However, bankruptcy rates can increase even when the economy is stable. Recent numbers seem to show that an uptick in personal bankruptcy filings can occur at any time.

Perkins restaurant chain files for bankruptcy

Not every business in Tennessee will see financial success, especially those in the cutthroat restaurant industry. For example, the company that owns the restaurants Perkins and Marie Callender, along with Foxtail Foods which supplies baked goods for these chains has filed for bankruptcy, despite a recent increase in sales. The company has $115 million in secured debt, and experienced financial troubles in 2017 and 2018 due to declining sales and rising labor and commodity costs. And although as of June Perkins' sales increased 5.1 percent, it was not enough to prevent the company from filing for bankruptcy, although this stabilization may make restructuring an option.

Who is liable for paying back debts in a Chapter 11 bankruptcy?

It may seem like we hear about brick-and-mortar stores filling for business and commercial bankruptcy more often now than ever before. It is important for people in Tennessee to understand the basics of Chapter 11 bankruptcy, which is the type of bankruptcy many of these businesses choose to turn their financial future around.

Can Chapter 13 bankruptcy erase student loan debt?

The student loan debt crisis is all over the news these days and may have hit some people in Tennessee particularly hard. Sometimes a person takes out thousands of dollars of loans in order to get a higher education. Unfortunately, even those who see academic success and receive a degree in their chosen field of study may have a hard time finding adequate employment. Moreover, these loans often have high interest rates.

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