Bankruptcy Happens to Good People, Too

TRI Writer • March 23, 2022

Did you know that Tennessee has more than double the national bankruptcy rate? According to Memphis Business Journal, Tennessee sees 5.17 filings for every 1,000 residents each year. The prevalence of Tennessee bankruptcy filings is likely because state laws are quite friendly toward creditors and lenders, so consumers seek the protections of bankruptcy more often.

Bankruptcy Is for Good People, Too:

Any bankruptcy attorney with a significant amount of time practicing will agree that bad things happen to good people. Many people still attach a negative tone or perception to the bankruptcy process or someone who files bankruptcy. It can be difficult to understand what it feels like to be buried in debt with no means to reverse the situation until you’ve been in that scenario or until you’ve worked with those looking for a solution.

Filing Bankruptcy Doesn’t Mean You Did Something Wrong

Sometimes it’s tempting to assume that the only reason someone would ever need to file for bankruptcy is if they did something wrong, but that’s not the truth of the matter. Many bankruptcy filers come to their first consultation still a little shell shocked because they thought they were doing everything right…until something unexpected happened or in some cases, until a series of unfortunate events occur. No one can plan for every eventuality or every combination of possible factors. In some cases, doing everything right can still end in a tough spot for no good reason at all.

Common Reasons People End Up Filing Bankruptcy:

People seeking the protection of bankruptcy do so for countless reasons, but there are some that you can call “common” reasons simply because they come up so frequently even though they have nothing to do with making a poor choice, being a bad person or failing to plan appropriately.

  • Long time employers go out of business
  • Wage earners experience a reversal of health
  • Medical debt
  • Family tragedy
  • Legal trouble
  • Death in the family

This partial list is just an example of the many situations that bring good people to the office of a bankruptcy attorney seeking help. Whether you’re looking to file bankruptcy yourself, or you are helping a friend or loved one seek out possible answers to their difficult situation, always remember that bankruptcy is for good people, too.

We understand that financial struggle is complex, and we want to help. If you have questions about bankruptcy and how to obtain a Chapter 7 discharge, please don’t hesitate to contact Ken Rannick. You are in good hands with Kenneth C. Rannick P.C.

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