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July 2014 Archives

Lessons to be learned from Crumbs' Chapter 7 bankruptcy

Many Tennesseans are familiar with a one-hit wonder, that popular song from their youth from a band or singer that nobody has heard from since. Being a one-hit wonder is never a good thing, especially in the business world. With consumers' interests changing so rapidly, a company needs to be able to deliver more than one product in order to survive. Unfortunately, that was the lesson that once-popular cupcake chain Crumbs learned the hard way. The struggling business recently closed down more than 30 locations and is now reportedly considering filing for Chapter 7 bankruptcy.

More credit card balances paid off, but many still delinquent

A recent report released by the American Bankers Association found that American credit card usage is up. Yet, the number of people who pay off their entire balances climbed to its highest percentage on record for the last quarter of 2013. The jump, from 28.6 percent to 29 percent, has many economists optimistic that Americans are acting in a more responsible manner with their credit cards. These experts also point to a decrease in delinquencies, with only eight and a half percent of all credit card debt in the first quarter of 2014 being 90 days or more overdue.

Good credit is possible after bankruptcy with these steps

Many Tennessee residents consider bankruptcy as a way to wipe out debts and start anew financially. For many, though, the biggest hurdle is rebuilding credit. For those who have spent decades building credit, the thought of ruining this good credit and watching their credit score drop hundreds of points can be devastating. However, there are steps that a person can take to rebuild credit quickly after a bankruptcy.

Audio product manufacturer files for Chapter 7 bankruptcy

Many Tennessee companies may not fully understand their bankruptcy options. For example, they may be under the impression that Chapter 11 and 13 are the only types to choose from. However, companies operating under a sole proprietorship or general partnership have the option to file for Chapter 7 bankruptcy. Audioplex Technology Inc., a manufacturer of multiroom audio devices, is using Chapter 7 to wipe away its overwhelming debt.

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