JPMorgan Chase has recently pulled back efforts to recover credit card debt in six states, one of which is California. It's suspected that the credit card giant has slowed its collection efforts because of fraudulent or insufficient evidence used to show the company had the right to collect. However, the precise reason for the slow-down is currently unknown.
After he divorced, the sports agent who inspired Tom Cruise's character in "Jerry Macguire" says he had to live alone for the first time. He would spend whole days drinking, eventually going in and out of rehabilitation centers. Now, after a series of business setbacks over a 10-year period, the former super agent recently filed for Chapter 7 bankruptcy protection.
From the outset, it may seem unlikely that a company preparing for Chapter 11 bankruptcy would at the same give its employees bonuses. But that is exactly what the California-based energy company Solyndra seeks to do in order to persuade valuable employees to stay with the company. Solyndra's bankruptcy attorneys said the company hopes to give out nearly half a million dollars to employees whose work and motivation are especially important to achieving a Chapter 11 restructuring plan.
California residents are no strangers to the terms foreclosure or troubled economy. Unfortunately, what happens in a bad economy is that bankruptcy and foreclosure often occur simultaneously or one right after the other. California business owners who are seeking a fresh start after some financial difficulty may be interested in the story of a businessman from Indiana who recently sought debt relief by filing for Chapter 7 bankruptcy.