A new report by the Federal Deposit Insurance Corp. indicated that the number of people in Tennessee who filed bankruptcy during the first quarter of 2008 was more than twice the national average.
More people in Tennessee are filing bankruptcy than in any other state in the country although the number of people filing bankruptcy is up more than 25 percent nationwide.
Across the country, during the first quarter of 2008, three out of 1,000 people filed bankruptcy. In Tennessee, more than six people per 1,000 filed bankruptcy in the first quarter.
WorldNow News reported that although Tennessee leads the nation in filing bankruptcy, it also leads the nation in Chapter 13 bankruptcy, which allows some debtors to pay creditors back according to a schedule.
Tags: bankruptcy, filed bankruptcy, filing bankruptcy, Tennessee
This entry was posted on Tuesday, June 17th, 2008 at 10:53 am and is filed under Economic News: How Are We Doing?. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
Re: lenna
You can file for bankruptcy as many times as you want/need. However, there is a waiting period between filing that depends on which chapter you’re filing: for Chapter 7, you have to wait 8 years to Chapter 7 again; for Chapter 13, you have to wait only two years to file Chapter 13 again, but four years if you previously filed Chapter 7.
See the Filing Bankruptcy page on Total Bankruptcy for more on the process:
http://www.totalbankruptcy.com/filing-bankruptcy.htm
I can see where people are lured or forced into bankruptcy pretty easily. I am facing huge debt from bad real estate deals. I have a meeting with my lawyer who has been handling my foreclosures. The meeting is at his request. He wants us to talk about me filing Chapter 7 (previously he had said I would have to file Chapter 13 because of my income, but now he says something has changed – I’ll find out Wednesday). I have friends though that tell me their filing bankruptcy has been a huge mistake. Unless something amazing comes up in our meeting Wednesday, I will be trying to avoid bankruptcy at all costs (or almost at all cost).
How many times are you allowed to file bankruptcy?
According to the US courts California leads in the Country in Bankruptcy filings for the first quarter of 2008 as well as 2007.
IF YOU FILED BANKRUPTCY IN 2002
CAN YOU FILE AGAIN?