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March 2014 Archives

Tennessee company files for business bankruptcy

Sometimes, companies fall on hard times and end up with large amounts of debt. However, that does not always signal the end. Bankruptcy can help a company restructure its business and create long-term goals. That is what Tennessee medical transcription company M*Modal is hoping to accomplish after filing for Chapter 11 bankruptcy.

Mobile retailer Wirefly files for Chapter 7 bankruptcy

For Tennessee residents who liked the idea of buying their mobile devices online at cheap prices, Wirefly was the ideal solution. However, the company, which seemed to be enjoying success, has suddenly gone out of business and filed for Chapter 7 bankruptcy. Meanwhile, customers and employees alike are left without a clue as to what exactly happened.

No emergency savings = high credit card debt

Although some Tennessee residents use their credit cards wisely, many tend to splurge on daily expenses. Then, when the bill comes, they can barely make the minimum payment. This leads to a vicious cycle of high credit card debt. Compounding this situation is the occasional emergency - the car breaks down, the dog has to go to the vet or a personal item is stolen and has to be replaced. Because these consumers lack the savings to pay these unexpected bills, they use their credit cards.

Sub franchise Quiznos files for commercial bankruptcy

Tennessee residents have many options when it comes to purchasing sandwiches. Quiznos was once a contender in the restaurant business about a decade ago, but increased competition has led to declining sales. The company now owes $570 million to creditors and has decided to file for commercial bankruptcy.

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