According to an article in the Star-Telegram, the Better Business Bureau is warning consumers away from using debt settlement companies, which often worsen their financial condition and fail to deliver on their promises.

The article said:

“The Better Business Bureau at Fort Worth has just completed a report on debt settlement businesses and warns consumers that seeking their help is rarely a good idea. Debt settlement usually adds to …

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… corporations filing for Chapter 11 bankruptcy, but what about filing Chapter 7 bankruptcy for business?  Are there any benefits in filing a Chapter 7 bankruptcy for your business?  Well, maybe, let’s take a look:

If a business owner wants to completely close his/her business and liquidate its assets, filing a Chapter 7 bankruptcy for their business may be beneficial.  For example, if you know that your debt-laden business is dead and cannot be revived, a Chapter 7 bankruptcy …

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Even if the economy recovers it may take a year or two for the rate of business bankruptcies to slow down.

An article from BusinessWeek says that there are no signs that the high rate of business bankruptcy filings will slow down.  In May alone 7,514 business bankruptcies were filed.  This number is up 40% from just a year ago.  If that sounds like a lot, some of the other numbers can leave you staggering.  Approximately one in every 270 American businesses …

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… to get the exemptions. “I’m aware of those people, so I called everyone I could including the Better Business Bureau,” said Perez, who initially sent the Tarrant Appraisal District a hand-written note accusing it of repeatedly sending him the same information. “The letters look real, like it is an official source, except there was no telephone number on the letter.” Perez was already granted the exemptions by the TAD; the application process is free. The letters he received promised …

Tags: Better Business Bureau Fort Worth Texas Fort Worth Star-Telegram Property tax

… about credit repair scams went up 50 percent last year. Tom Bartholomy is president of the Better Business Bureau in Charlotte. He says asking for money in advance of service is one way to recognize a scam — it’s illegal.”

Unfortunately this story is typical.  And unfortunately, the people who pay credit counselors often end up in bankruptcy court in worse shape than they would have been in had they sought counsel in the first place.

Contacting an attorney and completing an …

Tags: Bankruptcy Better Business Bureau Business Credit history Credit score Federal Trade Commission Law United States

Penton Business Media Holdings Inc. filed for Chapter 11 bankruptcy protection in hopes that the company can reduce the large amount of debt it incurred when the company bought trade-magazine publisher Penton Media Inc. three years ago.  Penton Business Media came to its bankruptcy decision after it became apparent it may not be able to pay its debts.  Penton Business and Penton Media filed …

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… to an article in the Dallas Morning News, cyber criminals are targeting small and medium sized business for fraudulent money transfers from their bank accounts to off-shore accounts mostly in Eastern Europe. Small businesses need to be aware of these scams because becoming a victim could send a small company to bankruptcy or even force it to close down completely.

The way the scam works:

“…the scammers send a targeted e-mail to a company’s controller or treasurer, a message …

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… as companies such as GM, Chrysler and even Reader’s Digest file for what is commonly know as business bankruptcy.  But Chapter 11 bankruptcy isn’t just for the “big boys” it can also help small and medium sized businesses reorganize their debts and protect their assets.  Let’s take a look at what types of businesses file for bankruptcy.

A corporation

Limited Liability Company or LLC

Partnership

Proprietorship

Also companies that have assets they want to …

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Chapter 11 bankruptcy is a powerful tool for business owners and high-income/debt individuals seeking bankruptcy relief.  Some debtors prefer Chapter 7 bankruptcy because it allows a simple liquidation and discharge of debts giving the debtor a relatively quick fresh start.  But there are some essential differences and benefits of Chapter 11 bankruptcy that debtors should be aware of when considering bankruptcy.

#1 – When a …

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… because he made the decision to cut a job, instead of cutting some of his corporate perks.  Small business owners, on the other hand, know how personal job loss is to someone.  You know the people who work for you.  You probably even know things about their kids and how their mom is sick in the hospital again.  Telling someone that you don’t have a job for them tomorrow is personal, and it hurts.

In tough economic times, layoffs may be necessary for an organization.  Before you …

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… Truth About Bankruptcy, participated in an 8-minute segment STRICTLY ON BANKRUPTCY on the Fox Business News Channel, “Money for Breakfast”.

Part1:

Part2:

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… who was able to exempt property as tools-of-the-trade despite a temporary interruption in his business.

The details of the case:

The Chapter 7 debtor-husband owned a boat rental business. He operated the business in 2006 and 2007, losing money both years. He didn’t operate the business in 2008 due to financial difficulties, but planned to resume operations in 2009. Each of the debtors claimed the full $1,500 tools-of-the-trade exemption allowed under state law to protect a …

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