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October 2019 Archives

Tennessee truck collision causes firm to file Chapter 7 petition

One of the most notable features of the civil court system in the United States is the increasing frequency of so-called "mass tort litigation." One of the most notable mass tort lawsuits has been the claims against miners and users of asbestos, but the mass tort device has been used in many other instances, not all of which have been as big as the universe of asbestos claims filed since the early 1960's. Sometimes, the only defense is the filing of a bankruptcy petition to both stop the lawsuit from going forward and also to liquidate the defendant's assets before judgment can be entered.

What debts cannot be discharged in a personal bankruptcy?

As most residents of Eastern Tennessee realize, the bankruptcy code is intended to give people a fresh financial start by providing a remedy that relieves them of the burden to pay debts that they can no long afford. While both a Chapter 7 and a Chapter 13 bankruptcy proceeding may provide this remedy, a prospective bankruptcy filer should be aware that some debts cannot be discharged in a bankruptcy proceeding.

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