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July 2014 Archives

Dealing with debt after death

When someone dies, his or her survivors might not initially consider that person's outstanding debts. Nevertheless, this kind of debt does not disappear when a death occurs, and it counts against the decedent's estate. Usually, it is required for whoever is handling the estate to settle the debts before the rest of the assets are distributed to the benefit of the deceased person's heirs.

How little debts could hurt Arkansas debtors

Many people are surprised to learn that an unpaid debt of less than $100 could wreak havoc with their credit scores. This is because the credit agencies don't care how big or how small a reported unpaid debt is. The only thing that they care about is whether or not the debt has been paid on time.

Can IRA funds be garnished in Arkansas?

It is not uncommon to see credit card companies taking legal action against account holders for failing to make timely credit card payments. If this happens, there are several steps that a creditor can take to collect on that debt. However, is it possible to garnish funds in an IRA? The answer is yes and no depending on the circumstances.

Cupcake chain files for Chapter 7

Cupcake maker Crumbs said on July 7 that it will cease operations and file for Chapter 7 bankruptcy. The action will allow the company, which rode the wave of the popularity of cupcakes and had competition in Arkansas and around the country, to liquidate its assets and discharge any remaining unsecured debt. This comes after the company lost $3.8 million over the three-month period that ended on March 31 and lost $2 million in that same period a year ago. The notification that the company was going to be ceasing operations came just days after it was delisted from NASDAQ.

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