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May 2014 Archives

Sound studio Soundelux lays off 30, files for business bankruptcy

Tennessee movie fans may be astounded at how much money goes into creating the blockbuster movies they see in the theaters. It can cost tens - even hundreds - of millions of dollars to create a quality film. This may lead ordinary people to believe that Hollywood is chock-full of money, but some studios struggle financially. The latest case involves Soundelux, a leading provider of post-production sound. The studio recently filed for business bankruptcy.

What causes credit card debt? It's not always bad money skills

Many Tennessee residents may have friends or family members who are in debt and automatically think it's because of poor money management. While this may be true for some consumers, it's not always the case. In fact, many individuals with significant credit card debt are actually frugal spenders and are in their situation due to circumstances beyond their control.

Why it can be hard to rebuild credit after Chapter 13 bankruptcy

It can be easy for Tennessee residents to get discouraged after filing for Chapter 13 bankruptcy. Unlike a Chapter 7 bankruptcy, in which debts are wiped, Chapter 13 bankruptcy requires payment plans based on the filer's income. This may make applying for a new credit a challenge, since many credit card companies may shy away from applicants with a history of late payments and defaults.

Get a handle on credit card debt through the art of negotiation

With unemployment common in Tennessee and other parts of the country, many Americans have resorted to living mainly on credit cards, which means dealing with huge amounts of debt. There are many options for reducing debt, but what many people do not know is that before filing for bankruptcy, they can often contact their credit card companies directly and ask for a lower minimum payment, even a lower balance altogether. The trick is knowing how to do it.

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