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Beware of These Business Credit Traps

business and office, stress, problem, crisis concept - stressed buisnessman or teacher having headache

An entrepreneur had spent $80,000 buying a corporation that he was assured came with access to $250,000 in credit lines. He got the corporation, all right, but the promised credit lines never materialized, and he had to start from scratch. Oops. That story was shared with my friend Gerri Detweiler by small business attorney Garrett Sutton, one of a handful ... Read More »

    Work-At-Home Scammer Tried to Hide Assets Says FTC

    oops

    At the Federal Trade Commission’s request, a federal court has imposed a $26.9 million judgment against the operator of a phony work-at home scheme who lied about his financial assets in an effort to hide them from the FTC when he agreed to settle with the agency in 2010. Jonathan Eborn was one of the marketers behind a work-at-home scheme ... Read More »

      FTC Says It Stopped Office Supply Scammers

      ftc

      At the Federal Trade Commission’s request, a federal court has temporarily halted and frozen the assets of an operation that bilked nonprofits, businesses, and municipalities out of millions of dollars by deceptively sending them overpriced light bulbs and cleaning supplies that they never ordered. The FTC seeks to permanently stop the illegal practices and make the defendants return victims’ money. ... Read More »

        Orange County Choppers Division Files Chapter 7 Bankruptcy

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        In another case which just shows that chapter 7 bankruptcy is an appropriate solution for many, Orange County Choppers Merchandising, owned by Paul Teutul, Sr. has filed for chapter 7 bankruptcy protection on January 21, 2013. Orange County Choppers became famous primarily to the Discovery television show that father and son as they grew the business from a basement enterprise ... Read More »

          Reader Expresses Concerns About National Business Capital Mailer

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          A reader sent in a copy of a mailer they received from National Business Capital and wanted to share it with others. As you can see the mailer promises the company has been qualified for a line of business credit. They advertise the business will receive a check book and will be free to write separate drafts as needed. No ... Read More »

            Small Business Debt Relief Program Fax – Burn It, Pitch It, Avoid It

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            A tipster (send in your tips here) sent in a copy of a fax they recently received from the Small Business Debt Relief Program. Let’s call this for what it appears on face value, probably an advance fee debt settlement sales job. The fact this was sent out to small businesses clearly indicates this is an advertising piece to sell ... Read More »

              Brookstone Law Sues Better Business Bureau Over “Pay to Play” Grading System

              punched-in-face

              Brookstone Law out of Newport Beach, California has just filed suit against the Better Business Bureau of the Southland and the parent Council of Better Business Bureaus. One can only suppose this is over the F rating the BBB gives Brookstone Law. According to the BBB, Brookstone Law was an accredited member but their accredidation was revoked on May 23, ... Read More »

                FTC Crackdown on Get Rich Quick, Work From Home, and Biz Op Schemes, Sends Message

                doj_finance

                Who thinks screwing consumers is a smart thing to do. Only the scammers. The Federal Trade Commission is concentrating efforts to protect consumers from fraudulent business opportunity programs and stomping on some of them very hard. As part of a coordinated attack on deceptive or bogus business opportunity programs, stated and federal agencies have been participating in Operation Lost Opportunity. ... Read More »

                  TIP: Don’t Use University Credit Card to Pay for Strip Club

                  seduction

                  In what certainly feels like the most obvious advice possible, the Missouri athletics department didn’t get the memo. Michael Schumacher, the director of video operation, apparently used the university credit card to visit the “only Vegas strip club on the Strip.” It wasn’t so much the rum and coke that tripped him up, but probably the $2,000 tip on a ... Read More »

                    Rich Dad, Poor Dad, Robert Kiyosaki Company Files Chapter 7 Bankruptcy

                    In this age of people still claiming bankruptcy has some sort of stigma, you’ve got to winder why it’s a smart move for companies but a perceived bad move for consumers. Recently, Robert Kiyoskai, the author of the Rich Dad, Poor Dad series found that for one of his companies, bankruptcy made sense. According to reports, Kiyosaki’s company, Rich Global, ... Read More »

                      Hi Steve Im Interested in Starting a Similar Service, Could you offer me some advice!

                      Ready to Collapse

                      Hi Steve?, I am 27 yo and have a very high level of intelligence, or so I am told. However in today’s economy its just too hard to find any work out there. I am am for-most concerned about financial gain. I am well versed in I.T, web design etc.. also learning to use Linux. I have limited start-up capital, ... Read More »

                        Jackson Hewitt Tax Services Sheds Overhead. Files for Bankruptcy Protection.

                        Ready to Collapse

                        Bankruptcy happens to a lot of people. Corporations use it as a smart move in tough times. Today, Jackson Hewitt, the second largest tax preparation company, filed for bankruptcy protection. The largest credit, Bayside Capital, is expected to take over the company. Unsecured creditors should have no funds available for distribution but the company expects to remain in the tax ... Read More »

                          Is Your Business or Life A Debt Trap? Or Is Your Optimism Keeping You Poor?

                          Ready to Collapse

                          The following guest post was contributed by by Neal Frankle, Certified Financial Planner in Los Angeles. He blogs at WealthPilgrim.com If you would like to contribute a guest post, click here. Ed, a friend of mine just lost his house and his business. It happened because he was too optimistic. And as you’ll see, even if you own a thriving ... Read More »

                            Google Panda Update Creates Literal Financial Tsunami for Many Websites That Wreaks Havoc

                            Search Success Rates

                            In an effort to clean up it’s search listings after being criticized for too much crap being presented to users, it appears that the best efforts by Google have significantly impacted many good web based companies in a negative way. Not only have the sites lost a significant amount of traffic and revenue but after only a week since the ... Read More »

                              Strippers and Money Management

                              Beautiful blond girl lying on a luxury golden fabric

                              For years I’ve wanted to do an article about someone from the adult entertainment industry and money problems or money management. I always thought it was a good way to put the universal issue of money into context that we all have to deal with money, credit and debt. While I know that some people would have rushed out to ... Read More »

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