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December 2019 Archives

Clothing maker changes hands after bankruptcy

Few people are aware that Cleveland, Tennessee is the home of one of the oldest men's clothing manufacturers in the United States. Even fewer people are likely aware that the firm has changed hands for the second time in five years. And yet fewer people are aware that the company plans to add 100 new jobs to make uniforms for the United States Army.

Bankruptcy's "fresh start" is a myth to many debtors

Bankruptcy filers in Tennessee and elsewhere are having surprising difficulty shaking off old financial habits and truly escaping from the overburden of debt that has cramped their lives. According to several studies of the status of the post-bankruptcy financial status of persons who have obtained relief under either Chapter 7 or Chapter 13, the discharge of their debts has not provided the immediate financial relief that they expected. The reasons are diverse.

New partner allows local brewery to reopen

One of the principal reasons that small businesses in Tennessee seek bankruptcy protection is the lack of adequate operating capital. The product is valued by consumers, the employees enjoy the work, marketing and distribution are sound, but the company lacks the money to expand its share of the marketplace. In such cases, an aggressive competitor can erode the company's market share and force it into commercial bankruptcy. While bankruptcy seems like a dire fate for any business, some companies facing bankruptcy are able to find new sources of financing and are able to reopen instead of liquidating its assets.

Borrowing money after a bankruptcy discharge

When residents of Western Tennessee file a petition for a Chapter 7 bankruptcy, they ordinarily look forward to the day when the order for discharge is entered, making them debt free. Another reason for looking forward to the discharge order is the chance to rebuild a credit score and obtain a fresh financial start. And, according to a recent report, a bankruptcy may be one of the best times to borrow money to begin the process of rebuilding a credit score.

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