Lookin to get your small business on the ‘social’ scene? Now you can courtesy of American Express. Small businesses now have a brand new resource available to help them grow and succeed through social media; “Social Media Show + Tell.” Part of American Express’ newly created Business Knowledge Share enhanced LinkedIn user group, the “show and tell” videos are available to members. It includes representatives from digital and social platforms – starting with Facebook – explaining how their tools can have a formidable impact on small businesses and empower business owners to maximize the potential of the growing digital landscape. The “Social Media Show + Tell” videos aim to demystify social platforms for small businesses, offering easy to understand commentary and advice from experts on the platforms. Start mixing and mingling your business now!
Are African-Americans not getting the “fresh start” they deserve when filing for bankruptcy? According to a new study entitled “Race, Attorney Influence, and Bankruptcy Chapter Choice,” by Jean Braucher of the University of Arizona and Dov Cohen and Robert Lawless, both of the University of Illinois, blacks file Chapter 13 at higher rates than all other races.
The abstract states that “although chapter 13 can offer some legal advantages for persons seeking to protect valuable assets such as a house or automobile, it generally offers less relief and costs more than the primary alternative available to consumers, chapter 7. The chief feature of a chapter 13 bankruptcy case is a plan under which the debtor must devote all of his or her disposable income to creditor repayment over a 3‐ to 5‐year period. Cha
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An Atlanta-area bookstore surprised its fans last week when it filed for Chapter 7 bankruptcy protection to deal with its $508,673 in debts. At the time of the filing, it seems, Outwrite Bookstore had less than $300 in its checking account, a circumstance that underscored the dire financial straits the bookstore found itself in.
Part of a Larger Trend
While Outwrite’s Chapter 7 filing in particular came as a surprise (the bookstore had admitted financial troubles in recent months, but had apparently held a fundraiser to help with relocation costs even as it was paying a bankruptcy lawyer to help it draw up plans for winding down), its place in the grand scheme of booksellers these days is nothing new.
With online giants like Amazon underselling most of its competition, many independent (and even not-so-independent, ahem, Borders) brick-and-mortar sellers have felt a serious strain.
Individual Chapter 7 vs. B
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What should you do if you’re underwater on your mortgage and you are considering a Chapter 7 or Chapter 13 bankruptcy? The term “underwater home” refers to houses that have lost so much market value that they are now worth less than the outstanding balance on the home mortgages. In many cases, a bankruptcy may be able to bring some relief to the owner of the underwater property so they can begin a financial fresh start.
- If a Chapter 7 debt discharge bankruptcy is being planned, the automatic stay will hold off any foreclosure until the Lender obtains Relief from the Automatic Stay or possibly until the discharge of the Chapter 7 case, typically 2-5 months. This could possibly buy the homeowner enough time to catch up with their payments and save the home from foreclosure.
- If the homeowner is significantly behind on the home mortgage, a Chapter 7 will buy the debtor a few months to find a new place to live. A Chapter 7 bankruptcy will also be of help if the debtor is burdened with significant amounts of credit card debt and other unsecured loans, and it erases the burden of continuing to owe money to the lenders after the home has been foreclosed.
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Verdict: The Platinum credit cards offered by MSUFCU have a few big advantages for cardholders. The credit limit is very generous and may be as high as $50,000 for those who qualify. There are also no hidden fees and a range of shopping and travel benefits. Still, these credit cards fall short with relatively high interest rates up to 17.9%. There is also a penalty APR that may be applied indefinitely and the rewards version of the card only earns 0.5% cash back on purchases, which is very easy to beat. Overall, this credit card is only recommended to members who do not carry a balance at all, always make on-time payments and don’t expect to earn rewards for purchases but simply want a free to carry card for large purchases.
Overview: Michigan State University Federal Credit Union (MSUFCU) offers two Platinum Visa cards to members. B
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Judgment debtor is a term of art referring a party against whom a creditor obtained a judgment. I frequently get questions about lawsuits and judgments. Common questions includes:
- What happens if I ignore a lawsuit?
- Can I file for bankruptcy before or after judgment?
- Can I discharge a debt even after judgment has been entered?
- If there is a judgment, can they take my house?
Here is my general short answer.
The longer you wait, the more difficult it will be to fix your problems and the fewer your options will be.
How does the creditor get a Judgment?
First, let’s start with a basic scenario.
You owe Discover $15,000. You fall behind and at some point, Discover (or a debt collector) brings a lawsuit against you. A lawsuit is initiated by filing a summons and complaint with the county court. Y
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