All over the country and right here in Memphis, people struggling with debt continue to file for personal bankruptcy. While filing for Chapter 13 bankruptcy can be a difficult and personal process for people, it can also provide a much-needed way out from overwhelming debt.
In our last few posts, we've explored various aspects of debt collection activities by creditors. Today's posting discusses certain tactics by third-party debt collection firms which have drawn the scrutiny of governmental authorities.
A regional oil refinery which filed for bankruptcy several years ago recently announced that it has scheduled production to restart this fall. Its story is an example of how bankruptcy can provide legal options against aggressive creditors and debt management issues.
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.
According to a foreclosure listing firm, the number of U.S. homes entering first-time foreclosure proceedings in Tennessee and nationwide increased on an annual basis for the second month in a row. Lenders initiated foreclosure proceedings on 12% of loans behind in payment in June.