If a person leases land in Tennessee or anywhere else, it may be possible to retain an unexpired lease after filing for Chapter 11 bankruptcy. However, there must be an explicit acceptance of that lease, and the bankruptcy court must then approve of the decision to accept it. This is according to a ruling made by the United States Bankruptcy Court for the Eastern District of North Carolina.
Tennessee residents who have substantial debts may use the Chapter 13 bankruptcy process to address them if they have a regular source of income. This type of bankruptcy requires the court to approve a repayment plan that lasts either three or five years. If they own a vehicle before filing for bankruptcy that they want to keep, or if they want to purchase one during or after they process, this may be possible.
Tennessee residents have used firearms manufactured by Remington to hunt or protect their property for two centuries, but declining sales have placed the future of the North Carolina-based company in jeopardy. The Remington Outdoor Company announced on Feb. 12 that it would be seeking bankruptcy protection to keep its doors open while it struggles to come to grip with its debts, and many experts say that the victory of a president who staunchly supports firearms is largely to blame.
Tennessee consumers who are in debt may be eligible to file for Chapter 11 bankruptcy. Despite popular belief, the Chapter 11 bankruptcy is not intended only for companies.
A business owner in Tennessee may use Chapter 11 bankruptcy to reorganize a company if it's saddled with substantial debt. While this type of bankruptcy is usually associated with corporations, small businesses are also eligible to file.
Toys 'R' Us stores in Tennessee and across the country will remain open even though the company is filing for bankruptcy. The struggling company has filed under Chapter 11, a type of bankruptcy designed to help a business handle and improve its financial situation without liquidating assets or shutting down.
Some Tennessee businesses that are failing may benefit from filing for bankruptcy. It is possible that Chapter 11 bankruptcy offers an orderly method for restructuring debt and repaying creditors without having to shutter the company. There are many signs that a company may be headed to bankruptcy such as surviving on a line of credit, an inability to pay bills and a negative net worth.
Tennessee companies considering undergoing a Chapter 11 bankruptcy may be interested to learn about a March 2017 U.S. Supreme Court decision. The court ruled 6-2 that bankruptcy courts do not have the authority to allow select creditors to bypass others in the order of repayment.
Countless celebrities have filed for bankruptcy over the years. According to Time, this long list includes talk show titan Larry King, former heavyweight champ Mike Tyson, rappers 50 Cent and MC Hammer, actors Gary Busey and Burt Reynolds, and rock stars Tom Petty and Mick Fleetwood. Abraham Lincoln, Henry Ford and Donald Trump are often cited as other examples.
In a previous blog, we glanced at the reported six Chapter 11 bankruptcies filed by President Trump's businesses in the past. According to the Washington Post, these bankruptcies date back to Trump's Atlantic City Taj Mahal in 1991 and end with the 2009 filing by Trump Entertainment Resorts, which sought protection from creditors.