July 3, 2008

• Bankruptcy Courts Increasing Scrutiny of Bankruptcy Schedules

  The past few years have amounted to something of a tranisition period in the bankruptcy world.  In October, 2005, the bankruptcy law changed, requiring debtor lawyers to learn and apply new law and to change office procedures to address new filing requirements.  In the months preceding October, 2005, filing rates zoomed, as families concerned about the uncertainty of the new law filed while the older, more lenient rules applied. (…)

February 8, 2008

• New Median Income Numbers for Tennessee Bankruptcy Filers on February 1, 2008

  The office of the United States Trustee has released new median income numbers for bankruptcy cases filed in Tennessee as of February 1, 2008 and thereafter.  We expect that these numbers will remain in effect until around October 1, 2008.  Here are the current numbers:
   

  Tennessee Median Income Numbers

  1 person household
  2 person household
  3 person household
  4 person household

  each additional
  person add…

  $36,380
  $46,039
  $53,337
  $61,856
  $6,900

  You can review the full median income chart at the U.S. (…)

January 27, 2008

• Tennessee Ranks #1 in the Nation for Bankruptcy Filings

  The most recent report from the United States Courts Administrative Office reveals that Tennessee leads the nation in bankruptcy filings per population size.   Approximately 1 out of every 59 Tennessee households filed either Chapter 7 or Chapter 13 bankruptcy in fiscal year 2007.   By contrast, just over 1 out of every 100 Alaskans filed bankruptcy during this same time period. (…)