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Tag Archives: business

Are the S Corp and LLC Debts Debts Going to Cause Us to Lose Our Home? – Sally

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“Dear Steve, Bankruptcy Questions??? To file or not to file???? My husband has had an S corp for 12 years, he is the sole owner and whilst business was good he was paying all his bills and the mortgage. A couple of banks also gave him Credit Lines of up to $80,000 based on his tax returns. He had to ... Read More »

My Business is Melting. What Options Do I Have Other Than Chapter 11 Bankruptcy? – Robert

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“Dear Steve, I own a dental lab business for about 28 years. It does well enough to pay my bills and credit card debt so far. About 3 years ago i bought into an ice cream store and created an all organic ice cream. It was a great idea, i thought, but never really took off the way i thought ... Read More »

I Went Bankrupt and My Financial Situation Has Taken a Turn for the Better – Roger

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Roger “Dear Steve, 6 months ago I filed Chapter 7 and it was discharged. Since then my financial situation has taken a turn for the better with a higher paying job allowing me to save money on a monthly basis and in turn hopefully invest and I am no longer living paycheck to paycheck. At this time I have the ... Read More »

Expert Testimony Worth Reading on H.R. 2309 the Consumer Credit Protection Act (Debt Settlement Industry Regulation)

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The Consumer Credit and Protection Act was recently introduced in the House of Representatives to specifically address issues in some industries, including debt settlement. As boring as it sounds, I was actually reading the testimony of the expert witnesses at the recent committee meeting on the bill and found the segment below to be of specific interest. It appears that ... Read More »

We Were Forced to Close Our S Corp Business. – Jean

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Jean “Dear Steve, Greetings,and thank you for your time and efforts…My husband and my self were forced to close our business of twelve years,OCT 2008 we are sole owners and a S Corp. Two years previous we noticed a significant decline in the economic spending habits, this decline forced us to use all our equity line of credit in our ... Read More »

Expect Tidal Wave Of Limit Reductions and Credit Card Closures to Hit Before Christmas

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Yesterday I wrote about a little old hardware store that had noticed an increase in card purchases over cash. That’s not a good sign if people are using plastic more for routine things and especially in this environment of credit card issuers reducing credit limits, raising interest rates and closing cards. You see, the credit card issuers are getting freaked ... Read More »

How to Avoid Filing for Bankruptcy – WTVF

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By Lisa Smith Filing for bankruptcy is often viewed as a quick and easy way to get out of debt. While it will make some of your debts go away, U.S. residents may find that what you get in return may be more than you bargained for, thanks to legal ... Read More »

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