Eastman Kodak Co., the notoriously innovative company that was credited with making the camera financially assessable to the greater public, is considering filing for Chapter 11 bankruptcy, according to the Wall Street Journal. How did a company that was once so successful end up in such a rut?
Kodak was founded in 1881, and the Kodak camera was put on the market in 1888. Former employees compare it to Apple and Google of today; it had a young and exceptionally creative staff and the company’s success was wildly discussed throughout the world. On ‘wage dividend days’, executives would hand out check bonuses that the staff would “use to buy cars and celebrate at fancy restaurants.” But even with Kodak’s fast achievements, it proved too difficult to compete with the entrance of digital cameras and smartphones.
Kodak first started struggling in the 1980s when foreign companies got in the film game. It began in
Social security payments are exempt from garnishment under federal social security statutes. The IRS has collection remedies significantly more powerful than a creditor’s collection tools under state law. A CPA asked me the intersection of social security exemptions and IRS collections: can the IRS garnish a taxpayer’s social security check.
Section 6334 (c) of the Internal Revenue Code (26 U.S.C. 6334 (c)) allows Social Security benefits to be taken to collect unpaid Federal taxes. If your monthly benefit is more than $750, the IRS may garnish fifteen percent of your social security monthly benefit for taxes that are at least six months in arrears. The IRS is required to notify you before it begins to garnish , and you can appeal the garnishment for”hardship.”
This rule is common sense. People w
30 Dec
Posted by Hayley Crosby as Credit Score
Happy New Year everyone!
2011 was a wild year in America and also around the world.
Let’s hope this year will bring the start of a recovered economy and better lifestyle for all of us. Let’s hope the average credit score in America for 2012 goes up and helps Americans get the things they need.
More Americans will be hoping to buy a home in 2012 now that the prices have dropped and there are great deals on good homes.
Which leads me to our topic of 5 credit repair tips and techniques you can use in 2012 to improve your lifestyle, save yourself thousands of dollars and make your life easier.
Buckle Down Now that the holidays are over, it’s time to buckle down and save as much of your hard earned paycheck as possible. The holidays can take a lot out of your pocket, but luckily the first quarter of the year helps make up for it. Before summer hits, use this time to put away a portion of your paycheck each month. That money might go towards a new car or your dream home! If you need help with your budget, there is a specialized Budget Guide that comes with the Credit Repair Doctor™. The budget guide is easy and quick to use and it takes the lameness out of budgeting. It also helps
13 Dec
Posted by Hayley Crosby as Credit Score
I subscribe to a legal question and answer website where individuals ask questions about bankruptcy and attorneys, like me, answer them. In the last couple of weeks a number of people inquired whether or not it’s necessary to hire an attorney in order to file bankruptcy. The legal answer is no. It is not a legal requirement to have an attorney to file bankruptcy. In fact, I tell this to every potential client that comes into my office. You are under no legal obligation to hire an attorney to file bankruptcy.
However, the practical answer is different. Do I think it is imperative to hire an attorney to file bankruptcy? Absolutely.
While some bankruptcy cases are routine, the bankruptcy laws are complex, and it can be easy to screw up your case if you don’t know what you’re doing. If pr
04 Dec
Posted by Hayley Crosby as Credit Score
Florida statutes provide unlimited protection against wage garnishment when the debtor is head of household. This protection is very broad and effective, but some states have even better wage protection. Four states- North Carolina, South Carolina, Texas, and Pennsylvania- do not allow wage garnishment to enforce a commercial debt regardless of whether the debtor is head of household. I do not know if courts have carved out any exceptions from what appears to be an unqualified prohibition against wage garnishment in these four states. I do know that many Florida debtors, including most unmarried debtors and some business owners, are vulnerable to continuing wage garnishment up to 25% of their take-home pay.
Many of my clients consider moving to Florida because they believe we have the best debtor protection laws.
21 Nov
Posted by Hayley Crosby as Credit Score
Many people these days are facing divorce and bankruptcy at the same time. I’ve written blogs about the relationship between bankruptcy and divorce in the past, but the most recent question I received is one I have not addressed previously: “I have joint custody of my children and help pay for their expenses. Will I lose any custody rights if I file for bankruptcy?”
Bankruptcy does not affect custody rights. If you currently have a custody or visitation agreement or order in place and need to file bankruptcy, you can rest assured that the bankruptcy will not change the determination. It is important to note that any agreement or order regarding child support will also remain unaffected by the bankruptcy. Child