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Tennessee Bankruptcy Law Blog

Foreclosure numbers drop, some homeowners still struggle

  • 23
  • April

In recent years, foreclosure numbers have dropped slightly, especially in specific metro areas in the state of Tennessee. For individuals in Davidson County, overall foreclosure numbers may not be representative of personal financial issues, especially if someone has lost a job, faced medical hardships, lost a spouse or gone through divorce. According to quarterly statistics for another metro area in the state, foreclosure information is a mixed bag.

The statistics indicate that foreclosures are down year over year in the first quarter for the area. Both commercial and residential foreclosure numbers are lower for the first quarter 2014 than they were for 2013. Residential foreclosures in the metro area are down by 24 percent, according to reports.

Shelby County bankruptcy rates remain static

  • 18
  • April

Shelby County had almost the same number of bankruptcies in the first quarter of 2014 as they did for the equivalent period last year.

According to The Daily News Online, in the first three months of this year, 3,036 bankruptcies were filed in the United States Bankruptcy Court for the Western District of Tennessee, just a slight uptick from the 3,031 that filed bankruptcy in the first quarter of 2013.

Can you negotiate medical debt?

  • 16
  • April

Conflicting reports are coming out about the state of medical debt in the country. Some say medical debt is plaguing less people; others say medical debt issues are a growing problem. Either way, it's certainly true that medical-related debt is a problem for some individuals in the country, including residents of Tennessee.

Individuals who are familiar with an insurance explanation of benefits know that insurance companies rarely pay what the provider charges. A $1,500 emergency room bill is negotiated down to a $350 payment from the insurance company. However, when patients are self-pay, they are often required to pay the total amount billed.

Tennessee man sentenced in bankruptcy case

  • 11
  • April

A 35-year-old Whitwell man was recently sentenced by a United States District Court judge to 10 months in a federal penitentiary. He was convicted of knowingly and fraudulently making false statements while under oath in a bankruptcy case as well as giving false testimony to the United States Trustee at a creditors' meeting. The joint investigation into his crimes was conducted by the U. S. Secret Service and the U.S. Trustee.

Once released from the federal prison, the man will serve two years of supervised release. No parole exists within the federal prison system.

Bankruptcy not the end for Abner's

  • 09
  • April

Some Tennessee residents with a penchant for traveling further south on occasion may have been dismayed to hear about the financial trouble plaguing Abner's Famous Chicken Tenders. A well-known eatery in the northern part of a neighboring state, the chicken joint filed for Chapter 11 bankruptcy protection in March 2014. The story was original reported without details, worrying loyal consumers in Abner's home state, as well as those in other states such as Tennessee.

It turns out that Abner's bankruptcy filing was limited to a single store location, and even that store is not necessarily going to close. According to reports, the company filed the bankruptcy paperwork due to some legal or financial issues involved in a relationship between a single store and a bank.

Loan taken out on Air Trans Warehouse

  • 04
  • April

A loan in the amount of $3.8 million has been taken out on a 224,749-square-foot warehouse built in 1979 and on the 16.4 acres on which it is situated. The property owner, Spencer Property Inc., filed the loan recently on the structure located east of Air Trans Road at the intersection of Pidgeon Roost Road.

According to a 2013 appraisal with the Shelby County Assessor of Property, the value of the property is $3.3 million.

Tennessee receives $240 million in mortgage relief

  • 02
  • April

Though most national media proclaims the housing crisis to be over or coming to a close, not every homeowner is free of mortgage problems. For many homeowners who experienced foreclosure issues during the housing crisis, help came in the form of the National Mortgage Settlement. According to reports, the five national banks involved in the settlement have satisfied both refinancing and consumer relief obligations associated with the agreement.

Tennessee was one of the states that participated in the settlement, which occurred in 2012. According to reports, over 4,000 homeowners in the state received assistance through the program. Assistance in the state totaled around $240 million. The assistance total included $180 in short sales, principal reductions and refinanced mortgages.

Brookstone getting ready to file for bankruptcy

  • 29
  • March

Brookstone Inc. is one of the most well known retailers in the United States, with locations throughout the country, including several in Tennessee. However, the company has run into some tough times as of late as it prepares to file for bankruptcy in the near future. At this time, it is believed that the company will be purchased by a specialty retailer.

Many believe that Spencer Spirit Holdings Inc., the owner of both Spirit and Spencer's, has been discussing the potential to acquire Brookstone for the past few weeks. The two parties are hoping to work out a deal in the coming days.

Underinsured Tennessee residents risk bankruptcy and medical debt

  • 27
  • March

Financial troubles can spiral quickly into serious situations, and bankruptcy or debt negotiation are ways individuals and families can begin the recovery process when money issues have become overwhelming. One of the top reasons individuals across the country report falling into serious financial woes is medical debt. Individuals and families in Tennessee who are uninsured or underinsured risk debilitating medical debt as out-of-pocket expenses grow.

According to a a new report, out of every eight individuals under age 65, at least one is underinsured. Underinsured means that the person has health insurance but must still spend a high percentage of personal income on medical expenses. According to the report, which came from the Common Wealth Fund, the underinsured rate for the state of Tennessee is 16 percent, which is on the higher side of the numbers reported.

Many Tennesseans receive funding to avoid foreclosure

  • 21
  • March

Just the same as thousands of people throughout the United States, many Tennessee residents have been hit hard over the past few years by a struggling economy. As a result, many people have been faced with the harsh realization that foreclosure may be the only option for them.

The National Mortgage Settlement has gone above and beyond to help people facing foreclosure, hoping to address the abuse from banks that occurred during the darkest depths of the housing crisis.

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Rothschild & Ausbrooks, PLLC
1222 16th Ave. South, Suite 12
Nashville, TN 37212-2926
Phone: (615) 866-2265
Toll Free: (866) 656-8909
Fax: (615) 242-2003

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