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August 2012 Archives

Foreclosure worries may strain Tennessee relationships

A recent study proposes a correlation between the current economic recession and divorce rates in Tennessee and across the country. Although the overall divorce rate in America has declined since the 1980s, data from the United States Census Bureau reflects an uptick of about 30,000 additional divorces between 2009 and 2010, the period associated with the nation's real estate crisis.

Bank of America drops lawsuit against Chapter 13 trustee

When a consumer in Tennessee files a chapter 13 bankruptcy petition, the court typically appoints an impartial trustee to administer the case. After a payment plan is approved by the court, the appointed trustee is responsible for collecting payments from the debtor and distributing them to the creditors identified in the plan. However, disputes sometimes arise, as today's post illustrates.

Foreclosure proceedings are reaching high-end homes

A recent foreclosure proceeding against former NFL player Terrell Owens illustrates that, in this time of recession, asset forfeiture has begun to affect higher-end homes in Tennessee and nationwide.

American spending habits are changing

Several recent tabulations suggest that the economic recession may have produced a shift in the habits of consumers in Tennessee and across the country, possibly including their approach to debt management and credit card spending.

Mother of Olympic gymnast utilized Chapter 13 protections

Tennessee readers might be surprised to learn the identity of one consumer's Chapter 13 bankruptcy filing. The woman, who utilized the bankruptcy code's legal protections in order to avoid foreclosure and other enforcement collection actions against her, is the mother of Olympic gymnast Gabby Douglas. Douglas recently impressed fans with two gold medal performances at the 2012 Olympics in London. The 16-year-old is now reported to be in talks for endorsement deals worth millions of dollars. However, the financial outlook for her family was much different only a few months ago.

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