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Tag Archives: business

It’s Been A Year Since The TSR – What’s Changed With Debt Settlement?

A year ago this month the Federal Trade Commission (FTC) barred debt settlement companies that used telemarketing from accepting up-front fees. Although it’s been an entire year since this change we are still see companies trying sneak in those up-front fees with businesses trying to exploit loopholes. The whole purpose of the Telemarketing Sales Ruling was to help consumers from ... Read More »

I Can’t Afford My Debt Settlement Program Anymore and Want to File Bankruptcy. – Tony

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“Dear Lewis, I am currently enrolled in a debt settlement plan but i am unable to make the payments due to losing one third of my income in the last 10 months. I went with a law firm and they wanted 2875 up front took 3 months to pay that they just settled my ist account for half but i ... Read More »

Root Canals and Appendectomy Were Expensive and Landed Me in Bankruptcy. – Ray

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“Dear Lewis, Made many not so smart mistakes which put me into serious credit card debt over the past 8 years or so. Followed by some dental work (multiple root canals) that had to be paid with credit card. Last year, had an emergency appendectomy that ended up in an medical insurance mess up. Ended up with 15K bill on ... Read More »

Mass Joinder Update – Office Furniture to be Sold

The official receiver for the California action against companies marketing mass joinder suits has posted an update. Receiver Seeking Court Approval to Dispose of Furniture and Equipment and Return Leased Offices to Landlords The Receiver has applied to the Court for formal approval to commence the process of shutting down the various office sites of Defendants and returning the premises ... Read More »

Debt Settlement: Top Ten Most Misunderstood Facts

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Over the past few years debt settlement has been in the news, not always in a good way. Many consumers have complained about the services they’ve received while some have been very happy. Much of the disparity in the perception of the service is due to misconceptions about the process itself. So here are the top ten misconceptions I see ... Read More »

Collectors Called Constantly Scared of Foreclosure, What Can I Do? – Roy

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“Dear Steve, I have recently taken over management of finances and bill paying from my wife. I always knew we had some lingering credit card debt that had been following us since college, but I had no idea what the real situation was. At this point we are $51,000 in credit card debt. We have a mortgage, a HELOC, and ... Read More »

We Used to Run a Daycare Business in Our Home And Then It Was Foreclosed On. – Caroline

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Caroline “Dear Steve, We used to own a home with a 1st and 2nd mortgage. Because we were unable to keep up with the mortgage payments after our in-home daycare business closed, our home was forclosed in June 2008 and was sold in auction for about the same amount as our 1st mortgage I also had to stop making payments ... Read More »

Finances of Florida Charter Boat Captain, Sinking – Roberta

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Roberta “Dear Steve, My significant other has experienced 3 years of slow business and has accumulated credit card debt to pay bills in the amount of $260,000.00. He was hoping that business would improve, however the economy has caused him to go further in debt. He lives in Florida so his home is protected, however if he files for bankruptcy ... Read More »

I Own an S Corporation and my Home is Now in Foreclosure. – Dave

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“Dear Steve, I own a small business which is an S Corp. Business was bad for awhile, during which time I got behind on the mortgage on my personal home. The home is now in foreclosure. Currently, I a considering an offer of a short sale, and I ade the decision to save the business, which has started to pick ... Read More »

Should We Bankrupt Our Business? – Anna

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“Dear Steve, My husband and I own a construction company (S-Corp) that is basically dead in the water in the current economic slowdown. We are surviving on 1/4 of our previous income and cannot repay our credit card and vendor bills for our business. We have several jobs we’ve had to lien due to nonpayment by our clients, but they ... Read More »

I Borrowed From My 401K to Pay Debt and It Made Things Worse. – Anita

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Anita “Dear Steve, My husband is self employed and has been so for 23 years. A year and a half ago, he was doing a large commercial job, and the people went bankrupt and basically screwed us out of $75,000. At the same time, another client took us for $10,000. Obviously, this was a whole year’s salary for us and ... Read More »

I Owned a Beautiful Day Spa But I Had to Close It. – Day Spa Debt

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Day Spa Debt “Dear Steve, I had my own business a beautiful day spa since 2004 but have had to close it down due to the economy in Feb 2009. I owe about $60K in business credit card debt to American Express ($12K); BofA ($24K); Capital One ($5K); Chase ($18K) and the IRS about $12K. I have tried to settle ... Read More »

I’m in Canada And Afraid of Financial Success. – John

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“Hi Steve, Here is my situation: 26 years old, educated, currently run my own renovation business in Canada which is profitable, but feels like we are constantly fighting large bills (suppliers, debt to start the business, etc.) I would estimate my income to be around $50K / year out of the business right now We have only been open for ... Read More »

I Was Told to Max Out My Credit Cards Before I Go Bankrupt. – Adrian

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Adrian “Dear Steve, Hi, i lost my job in April and have been unable to get another job, i have £8000 on credit cards, have been making the payments with savings i have which are about to run out so am considering bankruptcy. Should i just cancel the payments to the card companys untill i go bankrupt? I have been ... Read More »

My Construction Business is Very Slow. Should I File Bankruptcy? – Eric

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“Dear Steve, My buissness is very slow (Construction), as Im sure many are. I’m Iooking down the road and am looking at what feels like all dead ends. I only have enough funds for a few more months (payroll, house payment, credit cards, car payments) Im 45,married and have 3 kids Is it better to try and save it all ... Read More »

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