Payless Inc. is reportedly discussing a restructuring plan with its lenders. The restructuring plan would involve closings about 1000 of its stores. Currently, Payless operates more than 4400 stores around the country. Shoe Seller May Be Forced to File Bankruptcy According to sources familiar with Payless’ financial situation, the shoe seller might be forced to file bankruptcy if it is not able to work out a restructuring plan with creditors. It recently hired a law firm, Kirkland & Ellis to examine its $600 million debt load and look at ways that debt can be managed. Much of this debt was…Read   More

Sextortion and Security Clearances

Posted on February 20th, 2017 by Ron Sykstus

Since all of us are human, we all have normal desires for companionship. Those desires, however, when coupled with bad people and the ubiquitous internet can, unfortunately, sometimes lead to negative consequences.  This is especially true for anyone who holds a security clearance.  Whether the problem is due to drugs, alcohol, financial, criminal issues or sexual behavior, if someone holds a security clearance and that clearance is required for his or her job, then any problem issues for a person can be problems for the government as far as how it views someone who holds a clearance. Sextortion Sting Operations…Read   More

That old adage that “things are never as they seem” aptly describes the current situation with student loan servicers. As reported by the New York Post, servicers like Navient—the largest student-loan servicer in the U.S.— are only making the student debt crises even worse. Here’s how the process goes for many borrowers: Get an undergraduate and/or professional degree with the aid of student loans; Get a job (but fail to make the salary you had hoped); Realize that repaying those loans may prove difficult; and Apply for a repayment program that lessens your monthly obligation. The problem? Your student-loan servicer…Read   More

Hyundai is one of Montgomery’s biggest employers where more than 3,000 team members are employed with high-paying jobs and full benefits. Additionally, more than 35 tier one suppliers are located in seventeen counties across Alabama.  Further there are 78 total suppliers located throughout North America to support the Hyundai plant. Altogether, these suppliers created 7,000 additional jobs by Alabama based suppliers according to Hyundai’s website. President Trump’s campaign made threats to trash the North American Free Trade Agreement or impose stiff import tariffs to keep more jobs at home. Mexico is attractive to the automotive industry due to low operating…Read   More

This podcast features attorney Derek Simpson. Derek, along with his law partner, Barton Warren, are both considered top plaintiff’s attorneys in the state of Alabama. Together, they make a very formidable team. Besides that, both of them are just good guys – compassionate, respectful and easy-going. Derek also gives a lot back to our community through the Madison County Volunteer Lawyers Program and through the Huntsville-Madison County Bar Association where he is the incoming bar president. Derek literally grew up in the law under the tutelage and guidance of his father, Fred Simpson. Derek and Barton now occupy a very…Read   More

The Tennessee Housing Development Agency (TDHA) introduced a new $60 Million program designed to help the 55 hardest areas throughout the state that have struggled to recover from the 2008 housing crash.  According to a report in the Knoxville News Sentinel, seven of those areas lie in or around Knox County, Tennessee, with one area extending into Jefferson and Sevier Counties. Hardest Hit Fund – Down Payment Assistance The program, known as The Hardest Hit Fund Down Payment Assistance (HHF-DPA), would allow first-time home buyers in the affected areas to get $15,000 to use as a down payment.  THDA Director…Read   More

If you are old enough to have been watching TV in the early 70s, you probably remember watching The Partridge Family. For those of you who don’t know what I’m talking about, there’s always YouTube. The show featured actor and singer David Cassidy as teenage musician and lead family band member Keith Partridge. The series was quite popular during its four year run. It also found an audience in syndication. You might think that, given the show’s popularity when it was running and later in syndication, Mr. Cassidy would be financially sound. But sadly, this is not the case. After…Read   More

Do you have a secret bank account or credit card?  Have you hidden purchases from your significant other?  An article on CNBC this week says a recent survey by the website found just over one quarter of the approximately 1,000 people they surveyed had a secret bank account and/or credit card.  The survey found that older Americans were more likely to have the secret bank accounts or credit cards and nearly 40% of baby boomers made secret purchases of $500.00 or more.   A splurge purchase of $500.00 or more can devastate a budget in many households.  Does your family have…Read   More

We all have gotten the calls…..your phone rings and normally you wouldn’t answer an unknown number. But this call caught you off guard or maybe it was a number very similar to one you are familiar with. You answer with “Hello” or some other greeting and then an automated voice identifies a business or agency. After the brief intro, the recording will ask: “Can you hear me clearly?” How would most of us answer? Of course, we would say “Yes” and that’s it! Your voice may have just been recorded by a scammer who could plan on using your affirmative…Read   More

The football season officially ended with the Super Bowl last night in the first overtime game in Super Bowl history.  Now the season that no one wants to come is here.  Tax return season. There is one tax preparer now advertising filing your returns and getting your taxes won. An interesting catch phrase for sure, but what is most important is getting the tax return done correctly. Every year our firm gets asked the question about receiving a 1099-C form from a creditor and what to do about it. The Internal Revenue Service is driven by the use of forms…Read   More