Tennessee seniors & the ‘Fiscal Cliff’

With the "fiscal cliff" looming, many Tennesseans are wondering what the Dec. 31st deadline to address expiring tax and spending cuts means for them.

Some of the changes under consideration in Washington to avert the nation's financial conundrum could have a significant impact on the health and financial security of Tennessee seniors, their children and grandchildren, the American Association of Retired Persons (AARP) has found.

Bankruptcy: Chapter 11; Reorganization

Our month-long focus on bankruptcies concludes with a focus on the Chapter 11 version. The key word is reorganization. Under Chapter 11, the debtor – commonly referred to as the debtor in possession (DIP) – retains control of the business and the assets. Individuals with high levels of debt also may file under Chapter 11.

MMBCC selects FedEx Express as Robert R. Church Award winner

FedEx Express emerged as the Corporation of the Year winner during the Annual Robert R. Church Awards Luncheon held earlier this month at the Holiday Inn-University of Memphis.

The awards are presented yearly by the Mid-South Minority Business Council Continuum.

‘Fiscal cliff’ and market changes bear watching

In February, Federal Reserve Board Chairman Ben Bernanke coined the phrase "fiscal cliff" to warn Congress about the potentially harmful combination of nearly $600 billion in federal tax increases and spending cuts that are scheduled to take effect on Jan. 1, 2013, unless lawmakers address the deficit, taxes, and government spending.

Legislative Forum focus on ‘environment of inclusion’

The City of Memphis' declared commitment to "an environment of inclusion" was the backdrop for a recent Legislative Forum that put the spotlight on doing businesses with "minority and women-owned" firms.

Local stakeholders were invited to City Hall (Nov. 13) for an update on MWBE (Minority and Women-Owned Business Enterprise) programs generally and the city's program in particular.

Looking beyond your credit score

There's an old saying that some things get better with age, and apparently one of those things is the ability to manage personal credit. A consumer reporting agency study indicated that people aged 66 and older had the highest average credit scores, followed by those aged 47 to 65.

Bankruptcy: Chapter 13; Wage earner advantages

Few people are immune to the financial pitfalls that have resulted from the recession. If you have a regular income, Chapter 13, which is frequently referred to as a wage earner, can be an effective way to help you save your home, car or business. Used by individuals as well as certain small businesses, a Chapter 13 can provide much-needed relief in difficult times.

Knee surgery at Saint Francis gets leg up from robotic arm

It looks like something from sci-fi upon first glance – a droid, perhaps, with the capabilities of performing intricate tasks with pin-point precision. But without this advanced technology in robotic engineering, the intricate tasks would have to be performed entirely by human hands.

That's no longer the case at Saint Francis Hospital – Memphis, where orthopedic surgeons will start in a few days performing MAKOplasty partial knee resurfacing on adults with early to mid-stage osteoarthritis using RIO®, a highly advanced surgeon controlled robotic arm system. The robot was on display recently (Nov. 7) during an Open House at Saint Francis Hospital.

End-of-year tax tips

The end of the year is fast approaching, so now may be a good time to start thinking about steps that could help reduce your 2012 income tax liability. Of course, before you take any specific action, be sure to consult with your tax professional.

Bankruptcy & Chapter 7: ‘Fresh start’

A Chapter 7 bankruptcy typically is filed by individuals, couples or businesses. Frequently referred to as the "fresh start" or liquidation bankruptcy, Chapter 7 usually allows the debtor to receive a discharge from unsecured debts. A discharge means that the debtor is no longer responsible for paying these debts and creditors can no longer collect on these debts.

Bankruptcy 101

While there may still be a sliver of a stigma associated with bankruptcy, the most recent economic downturn has helped create a view of it as a strategy to rise above an almost impossible situation.

From job loss and cutbacks to medical bills and divorce, life happens to us all. Every year, over a million people at various stages of life file for bankruptcy. The list of notable filers includes Presidents Abraham Lincoln, Ulysses S. Grant and Thomas Jefferson; major companies such as Chrysler, General Motors, Chuck E. Cheese's, Delta Airlines, K-Mart, Perkins Restaurant and United Airlines; and even famous folks such as Donald Trump, Walt Disney, Larry King, Mike Tyson and Toni Braxton.

Business builder or time waster?

In a recent survey, 94 percent of marketers reported that they are using social media to market their businesses, and many small-business owners were willing to tout its potential benefits. About half (51 percent) of small businesses (2 to 100 employees) reported that social media helped to improve sales.