Many people avoid bankruptcy because they think they will lose everything. However, the fact is that most individuals are able to keep many of their assets during bankruptcy by using an effective legal tool known as bankruptcy exemptions.
One of the most common questions we get from college graduates is whether or not student loans can be discharged and eliminated through bankruptcy. It's no wonder why this is such an important question, especially when you consider that tuition rates and student loan debt are at all time highs.
According to a recent review of federal bankruptcy data conducted by NerdWallet - a financial information organization - six out of the 10 states with the highest personal bankruptcy rates can be found in the South. Topping the list with 553 bankruptcy filings per 100,000 residents is Tennessee.
Many people fear that they will lose everything they own once they decide to file for bankruptcy. However, this belief is simply not true, especially in Tennessee. In fact, many people who file Chapter 7 bankruptcy are able to keep a great many of their assets, while at the same time eliminating significant amounts of debt.
According to data recently provided by Epiq Systems Inc., and distributed by the American Bankruptcy Institute (ABI), commercial bankruptcies in the U.S. increased 10 percent in July 2016 when compared to the same month just one year earlier. This marks the ninth straight month in which commercial bankruptcy filings have experienced year-over-year increases.