Tennessee sets new unemployment record, and new research shows legal help is best when sued for a debt.

Tennessee unemployment rates released May 28th, according to the state's workforce website, reported, "staggering increase in unemployment for each of Tennessee’s 95 counties in April as many businesses closed to help slow the spread of COVID-19."  In fact, the statewide average rate of 14.7% surpassed the previous all-time high figure of 12.9%, set in January 1983. The current number of unemployed Tennessee residents stands at just under 560,000.  Figures for May won't be released until June 18th. 

Many of those who are currently unemployed may not find their job available again anytime soon. Others will find their jobs and their pay have been scaled back in the aftermath of the crisis. This financial crossroad will land thousands of Tennessee families into financial trouble, and legal remedies should be considered in advance.

Why legal help? New research indicates that if you're being sued by a debt collector, having legal representation can make all the difference. According to a new study released by Pew Research just last month; "People sued for debts rarely have legal representation, but those who do tend to have better outcomes. Research on debt collection lawsuits from 2010 to 2019 has shown that less than 10 percent of defendants have counsel, compared with nearly all plaintiffs. According to studies in multiple jurisdictions, consumers with legal representation in a debt claim are more likely to win their case outright or reach a mutually agreed settlement with the plaintiff."  Read more about changes in procedures and outcomes in debt collection here.

​The federal bankruptcy code is written to protect people who can't pay their debts.  Bankruptcy can help you wipe out debt through discharge, create viable debt repayment plans or alter the terms of your debt.

If this crisis has created a personal financial situation you feel is out of control for you...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! ​