Tennessee bankruptcy law education and training will teach you how to resolve your clients’ debts by dividing their assets among their creditors. This allows each creditor to achieve some measure of equality under the law. A filing under Chapter 7 is called liquidation and involves the sale of the debtor's non-exempt property. A bankruptcy proceeding under Chapters 11, 12 or 13 allows the debtor to use future earnings to pay off creditors.

The qualifications needed to work with TN bankruptcy laws are determined at the state level and also will be affected by the specific type of bankruptcy that the client requires. There are three general phases in obtaining an education in bankruptcy law:

1. Formal education. An attorney who works with state of Tennessee bankruptcy laws will need at least a Juris Doctor (J.D.) degree from an accredited law school in Tennessee. An advanced degree such as a Masters of Law (L.L.M) will further help distinguish you from your colleagues.
2. Membership in professional organizations. Practicing attorneys will want a membership in one of the associations dedicated to bankruptcy law in Tennessee.
3. Legal specialization. Bankruptcy attorneys in Tennessee can become designated specialists in bankruptcy law by meeting the state's specific requirements.
   

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Attend a law school that specializes in educating TN bankruptcy lawyers

There are a variety of universities in Tennessee that provide a concentration in bankruptcy law. These schools are equipped to offer a solid education on the current bankruptcy laws in Tennessee.

I recommend: University of Memphis Cecil C. Humphreys School of Law offers a course in 354 Problems in Bankruptcy for students pursuing a practice in bankruptcy law. The University of Tennessee offers a concentration in business law, which includes coursework in bankruptcy law.

Find professional forums for Tennessee bankruptcy lawyers

Professional online forums can provide a daily educational opportunity for bankruptcy attorneys in Tennessee. These include information on recent changes in bankruptcy law and advice on building a practice.

I recommend: The Bankruptcy Forum discusses a variety of issues on bankruptcy, including those that specifically relate to Tennessee bankruptcy law. The Tennessee Bar Association host an annual bankruptcy forum to discuss recent bankruptcy cases in the Sixth Circuit.

Obtain a specialization in Tennessee business bankruptcy laws

Tennessee allows attorneys who practice certain areas of the law, such as bankruptcy, to be certified as specialists. A bankruptcy attorney in Tennessee will need to know Tennessee's specific requirements for a specialization in bankruptcy.

I recommend: The Tennessee Commission on Continuing Legal Education and Specialization recognizes 14 different areas of legal specialization, including consumer and business bankruptcy. Tennessee uses the American Board of Certification to certify attorneys with a specialization in bankruptcy.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Attorneys also will want to join professional organizations that are dedicated to the practice of Tennessee bankruptcy laws. These associations provide a number of resources essential for the practicing bankruptcy attorney, including contact information for important courts, assistance with Continuing Legal Education (CLE) requirements and links to bankruptcy laws.

Filing bankruptcy in Tennessee is tougher now than it was in the past. When federal bankruptcy laws in TN were revised in 2005, the new terms made it tougher on debtors in distress. Tennessee bankruptcy law now requires debtors to pass a means test to file for the more lenient Chapter 7 bankruptcy. Filers may not qualify if their current monthly income is greater than the median family income where they live.

Filing bankruptcy in Tennessee is always an option for businesses in dire straits. However, keep in mind these points before deciding to file:

1. Tennessee bankruptcy laws allow for only certain exemptions. Find out what they are beforehand, or you may lose more in the bankruptcy than you expect.

2. Evaluate Tennessee bankruptcy lawyers and decide if the price is worth it for your time and anxiety.

3. Remember that filing bankruptcy in Tennessee isn't the solution for all of your problems. If you plan to keep your business afloat, you will have to pay back some of the debts.

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Know specific chapters and Tennessee bankruptcy laws before filing

TN bankruptcy laws allow businesses to file for two different types of bankruptcy. In Chapter 7 bankruptcy, the business assets are liquidated and a trustee will collect and sell property to pay the creditors. This is best for business owners who don't want to keep the business. Chapter 11 bankruptcy helps business restructure their debts. Creditors vote to accept or reject the reorganization plan and debtors have to pay a quarterly fee to the U.S. Trustee.

I recommend: TennesseeBankruptcyLaw.com will walk you through the process of bankruptcy in the state. Before you file, you must see an approved credit counselor. A list of approved counselors in Tennessee can also be found at the U.S. Trustee's Office website.

Assess the risk before filing bankruptcy in Tennessee

Some of your property may be exempt according to TN bankruptcy law and some may be at risk. For instance, Tennessee bankruptcy exemptions include part of the value of property you occupy and the car you drive to work. It is best to know what you stand to lose before you file. TN bankruptcy lawyers can steer you in the right direction.

I recommend: The Bankruptcy site outlines Tennessee-specific exemptions. The Tennessee Bankruptcy Court outlines the rules and forms for filing for bankruptcy.

Find a TN bankruptcy attorney

Even if you eventually wish to proceed on your own, many Tennessee bankruptcy lawyers will give a 30-minute free consultation that may offer some advice.

I recommend: The National Association of Consumer Bankruptcy Attorneys (NACBA)'s Attorney Finder will help you locate attorneys who are well-versed in Tennessee business bankruptcy laws. Also, BankruptcyLawFirms.com will let you search for an attorney using your Tennessee ZIP code.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  If you are considering filing bankruptcy in Tennessee, don't pay some creditors and ignore others. Courts call these 'preferential payments' and they are against the law.
• •  Bankruptcy laws in Tennessee vary from federal regulations, so make sure you know the difference when filing.

Bankruptcy laws in Tennessee govern the way both individuals and corporations file and process bankruptcy claims within the state. The bankruptcy process allows for certain debts to be removed from the responsibility of payment so that a corporation or individual may re-structure or reorganize debt with the hope of getting back on their feet.

Take the time to learn where to locate information on Tennessee bankruptcy law so that you can apply the latest law changes to your business. Here are some helpful resources to get you started as you discover where to find Tennessee bankruptcy law news and trends.

1. Learn the latest news associated with bankruptcy laws in Tennessee by visiting the websites for a TN bankruptcy attorney.

2. Find out info about bankruptcy laws in TN by visiting the websites of the bankruptcy courts throughout the state.

3. Locate news publications that cover Tennessee bankruptcy law news and trends.

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Educate yourself on the news regarding Tennessee bankruptcy laws by reading law office websites

Many law offices throughout the state of Tennessee that specialize in bankruptcy for both individuals and businesses catalog the latest news on their websites. Usually the news is in reference to things like statistics, the latest legislative changes and more. Take the time to visit the websites of Tennessee bankruptcy lawyers in your area and read the latest news.

I recommend: The Holly Schumpert Law Office has a "resources" section on its website that provides further information from several different news sources and websites. The law office of Jonathan Garrett also provides similar resources.

Learn the latest about TN bankruptcy laws by reading the court websites

There are several courts on both the federal and state level that handle bankruptcy within the state of Tennessee. These courts often detail the latest news regarding bankruptcy law on their websites. The news will be in regard to rulings handed down from the bench as well as the latest legislative changes that were made affecting the law within the state.

I recommend: The United States Bankruptcy Court that services the Eastern District of Tennessee, has a section dedicated to news on its website. The Middle District of Tennessee has similar information in a section titled "updates and changes" among other news-related sections of its website.

Find news publications in print and online that cover bankruptcy laws in TN

State and local newspapers are a great resource for the latest bankruptcy laws within the state of Tennessee. They'll cover news stories in relations to the latest laws being passed by the legislature, court rulings and opinions as interpreted by the bench and much more. Locate the news resources, both in print and online, so that you'll always be up to date on Tennessee bankruptcy laws.

I recommend: Visit the website for the Nashville Business Journal. A popular Tennessee newspaper, they chronicle the latest news in regard to the state of Tennessee bankruptcy laws. Also the Knoxville News Sentinel is another great resource that covers bankruptcy law in Tennessee.