Teresa Hanger Profile

Teresa Hanger is an attorney and former business executive with extensive experience in bankruptcy administration. She received a B.A. magna cum laude, from Roanoke College in 1982 and earned her J.D. from the College of William & Mary, Marshall Wythe School of Law in 1987, where she also served on the Editorial Board of the William & Mary Law Review and graduated with Order of the Coif distinction (top 10% of class). 

She practiced law with Little Parsley & Cluverius P.C., a Richmond, Virginia law firm, where she focused on all facets of general business law, before moving to Best Products Co., Inc. in 1991 during its first bankruptcy reorganization case. 

As Senior Counsel for Best Products, Teresa was involved in directing bankruptcy claims management, as well as supporting operational business activities. Along with her legal responsibilities, she also served as Director of Risk Management, managing the company’s insurance programs. After the second bankruptcy case was filed in 1997, she joined the management team for Best Products’ liquidation and wind-down and was promoted to Vice President - Legal & Administration.

Since forming Clingman & Hanger with Ed Clingman in 1999, Teresa has provided focused leadership in the successful wind-downs of Venture Stores and House2Home and administration of liquidating trusts for Fruit of the Loom, Drug Emporium, ESCADA (USA) and BI-LO.  She has established a solid reputation among insolvency practitioners for developing and managing effective strategies for maximized returns to creditors. 

Teresa brings those same strengths and skills to her consulting role at Clingman & Hanger in other types of engagements, including resolution of surety bond issues for FFR Trust (formerly Fairfield Residential LLC) and re-structuring the Risk Management department of AMF Bowling. 

Click on the Case Studies tab for a more detailed description of some of Teresa’s engagements.