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July 2013 Archives

Scam debt relief companies fleecing consumers

According to a new study from the National Consumer Law Center, some unscrupulous debt relief companies are taking advantage of college students. These students are burdened with student loan debt that they are finding difficult to repay. Some of these companies seem to be offering a debt repayment program, but in reality are just enrolling students in federal government programs that are free. These companies are charging the students fees that can be as high as $1,600 to enroll and $50 per month. The problem is so bad that 23 senators have urged an investigation of these companies by the Federal Trade Commission, the Department of Education and the Consumer Financial Protection Bureau.

Oreck family loses chance to re-buy business after bankruptcy

Oreck vacuums started as a family business back in 1963. Forty years later, the family sold the company to a private equity firm. By 2013, the vacuum maker was grappling with declining sales due to tough competition and distribution difficulties. Ultimately, those in charge of the business filed for Chapter 11 protection under business bankruptcy laws and the Tennessee-based company went on the auction block.

Company files bankruptcy in response to expensive court judgment

A Tennessee communications firm has filed for commercial bankruptcy in response to a monetary judgment of $47.4 million against one of its owners. A jury awarded the $47.4 million in a lawsuit brought by the trustees of Equity Media Holdings Corp, a company already in bankruptcy. The lawsuit claimed that the purchase of Retro Television Network by Luken Communications for $18.5 million was a fraudulent transfer as the company had been valued at $115.8 million several months before the purchase.

Actress Kelly Rutherford files Chapter 7 bankruptcy

Many people in Tennessee likely worry that there is a stigma to filing for bankruptcy -- that it indicates a lack of responsibility. The truth, though, is that anyone can get in over their head when circumstances in their lives change or when faced with unexpected financial challenges.

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