Memphis, Tennessee, Sees Slight Increase in Bankruptcies

Written by CFB Blogger. Posted in Blog

Although bankruptcy filings dropped to below 3,000 for the first time since 2011 in the second quarter of this year, the total number of bankruptcy filings for the Memphis, Tennessee-area increased slightly above that 3,000 number. Between July 1 and September 30, 2014, there were 3,135 filings by individuals or businesses with a Shelby County address in the U.S. Bankruptcy Court for the Western District of Tennessee, according to an article by Bill Dries in The Memphis Daily News Online. That represents a 3.3% decrease from 3,280 filings for all chapters of bankruptcy in the third quarter of 2013 and about even with the 3,171 filings in the third quarter of 2012. Year-to-date through September 9, there were 130 bankruptcies filed in Shelby County, Tennessee, a 3.6% decline from the 9,475 during the first nine months of 2013. There were 9,327 bankruptcy filings during the same period in 2012. The filings in Frayser, Raleigh and Westwood counties accounted for 25.4% of all bankruptcies for the year-to-date. The 2,556 Chapter 13 filings, 81.5% cases involving court-ordered repayment plans, represented the largest category for the third quarter. That compares to 2,602 for the third quarter in 2013, a 1.7% decrease, with 2,483 filings in the third quarter of 2012. Chapter 7 filings, in which the debtor’s assets are liquidated or sold off, numbered 576 for the quarter, compared with 675 in third quarter of 2013, a 14.6% drop, with 683 in third quarter 2012, the article stated. The attorneys at Client First Bankruptcy have represented thousands of clients that have had to file bankruptcy due to overwhelming medical bills. If you are contemplating filing for a Chapter 7 or Chapter 13 personal bankruptcy due to piles of unpaid medical bills, do not proceed without an experienced and knowledgeable bankruptcy attorney from Client First Bankruptcy at your side. Client First Bankruptcy attorneys answer their phones from 8:30 a.m. to 6:00 p.m. Central Time, Monday thru Friday, so you can get your initial complimentary consultation at a time that is convenient for you. Our aggressive representation and extensive experience have earned Client First Bankruptcy a national reputation for excellence in the representation of debtors in financial distress. Call us toll-free at 800-383-6004 and log onto our new, easy-to-navigate, interactive website at www.clientfirstbankruptcy.com for timely and vital information on filing your Chapter 7 or Chapter 13 bankruptcy.