Since the economy took such a significant hit during the recession, many Tennessee residents faced considerable financial struggles. These struggles led to numerous bankruptcy filings and other actions that consumers felt were necessary in order to get back on their feet. Luckily, the economy seems to be improving, but many parties may still need assistance through Chapter 7 or other bankruptcy options on their way to stable financial ground.
It was recently reported that bankruptcy filings for the 2014 fiscal year were down 13 percent from the 2013 fiscal year. It was also noted that the number of federal filings for this fiscal year were the lowest since 2007. These statistics could be indicators that the economy is working toward significant improvement that has not been seen for some time.
Though these improvements are welcome and will likely benefit numerous individuals, some parties may still need financial assistance. It was mentioned that Tennessee saw that highest rate of Chapter 7 and Chapter 13 bankruptcy filings when compared to the national average. Other surrounding states were also considered among the top 10 states for bankruptcy filings.
Though many Tennessee residents may still be dealing with the hardships of the recession, the improvements in the economic situation could be cause for hope. Parties may want to work toward getting back on their financial feet during a time when they may be better able to maintain a strong financial situation. Chapter 7 bankruptcy could be an option for parties with considerable debt that could help them on their way to a fresh financial start.
Source: thefiscaltimes.com, “Two New Signs the Economy Really Is Getting Better“, Yuval Rosenberg, Nov. 5, 2014