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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
Tennessee Bankruptcy & The New Laws
Tennessee is a state that has always had a higher percentage of Chapter 13 bankruptcy filings than the rest of the country, and although this is the case, it was affected just like every other state by the radical reforms made to the bankruptcy law. Under the new bankruptcy law, the biggest change is that more consumers are being forced to file Chapter 13 instead of the preferred Chapter 7 route. Congress did this in hopes that it would deter people from filing since Chapter 13 is widely acknowledged to be difficult to manage since it requires the debtor to turn over their disposable income to the courts for a period of three to five years.
Now, thanks to the new laws, consumers who earn more than the median income in Tennessee can very well be turned down from declaring Chapter 7 bankruptcy. The following is the median income information for Tennessee as of 2006:
2-person families: 44,764
3-person families: 51,860
4-person families: 60,143
5-person families: 54,808
6-person families: 51,178
7-or-more-person families: 54,209
Want to learn more about your bankruptcy options? Submit a form today and PayingPaul.Com can match you with a credit card debt service for a risk free consultation about programs to reduce your monthly payment and help you get out of debt.
You can also check out some of our other resources that deal with Tennessee debt & credit matters:
Tennessee Consumer Credit Counseling Services
Tennessee Bankruptcy Laws
Tennessee Debt Collection
Bankruptcy Filings in Tennessee
2004: 60,574
2005: 65,360
2006: 31,406
Tennessee has a very high bankruptcy rate historically. There are a myriad of reasons for this and much debate centers around this issue. Some debt experts argue that this is a testament to the fact that bankruptcy is more socially acceptable in Tennessee than in other areas. They point to the fact that Chapter 13 bankruptcy was actually originally implemented in the 1938 Chandler Act after intense lobbying from prominent Tennessee politicians and lawyers. Other experts point to the fact that the county with the highest bankruptcy rate, Shelby county, is located near a prominent casino in Mississippi. Despite the historical tendency of some Tennessee consumers to seek debt relief through bankruptcy, the new laws in 2005 caused a precipitous drop in the number of filings in the state. The overall number of people who declared bankruptcy declined by more than 50 percent between the year 2005 and 2006.
Tennessee Bankruptcy & The New Laws
Tennessee is a state that has always had a higher percentage of Chapter 13 bankruptcy filings than the rest of the country, and although this is the case, it was affected just like every other state by the radical reforms made to the bankruptcy law. Under the new bankruptcy law, the biggest change is that more consumers are being forced to file Chapter 13 instead of the preferred Chapter 7 route. Congress did this in hopes that it would deter people from filing since Chapter 13 is widely acknowledged to be difficult to manage since it requires the debtor to turn over their disposable income to the courts for a period of three to five years.
Now, thanks to the new laws, consumers who earn more than the median income in Tennessee can very well be turned down from declaring Chapter 7 bankruptcy. The following is the median income information for Tennessee as of 2006:
2-person families: 44,764
3-person families: 51,860
4-person families: 60,143
5-person families: 54,808
6-person families: 51,178
7-or-more-person families: 54,209
Want to learn more about your bankruptcy options? Submit a form today and PayingPaul.Com can match you with a credit card debt service for a risk free consultation about programs to reduce your monthly payment and help you get out of debt.
You can also check out some of our other resources that deal with Tennessee debt & credit matters:
Tennessee Consumer Credit Counseling Services
Tennessee Bankruptcy Laws
Tennessee Debt Collection
Bankruptcy Filings in Tennessee
2004: 60,574
2005: 65,360
2006: 31,406
Tennessee has a very high bankruptcy rate historically. There are a myriad of reasons for this and much debate centers around this issue. Some debt experts argue that this is a testament to the fact that bankruptcy is more socially acceptable in Tennessee than in other areas. They point to the fact that Chapter 13 bankruptcy was actually originally implemented in the 1938 Chandler Act after intense lobbying from prominent Tennessee politicians and lawyers. Other experts point to the fact that the county with the highest bankruptcy rate, Shelby county, is located near a prominent casino in Mississippi. Despite the historical tendency of some Tennessee consumers to seek debt relief through bankruptcy, the new laws in 2005 caused a precipitous drop in the number of filings in the state. The overall number of people who declared bankruptcy declined by more than 50 percent between the year 2005 and 2006.