The Big Payback

By Kleinheider Posted on November 1, 2009 at 9:48 am

From Monica Mercer:

Although people in the Volunteer State have filed for bankruptcy in record numbers in recent years, Tennessee is first among states for the number of residents who try to make good on their debts with court-approved payment plans.

Local officials say that is an underreported statistic showing that extreme financial hardship does not necessarily mean debtors want to walk away from their responsibilities.

“Lil’ ol’ Tennessee pays out more money to creditors than people in states like California,” said Kenneth Still, who since 1968 has headed the Chapter 13 program of U.S. Bankruptcy Court in Chattanooga. The program allows people to pay creditors over time and still keep assets such as houses and cars.

permalink

Comments