Word: creditably
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...tried, with mixed results. For every Ghosn, who is now a national hero for saving Nissan, there is a Rolf Eckrodt, the DaimlerChrysler executive who failed to turn around Mitsubishi Motors. For every Ripplewood Holdings, the U.S. investment firm that bought out and successfully relaunched the bankrupt Long-Term Credit Bank as Shinsei Bank, there is a Carrefour, the French retailer that is withdrawing from the country after just five years. Still, Katz sees slow progress. "For a long time, the Japanese élite and public had negative attitudes toward foreign investment, fearing it would mean loss of control. Today...
...Officer dispatched to Malkin Athletic Center (MAC) in response to the theft of cash and a credit card, which had been left unattended and unsecured. The credit card was discovered to have been used fraudulently after the theft, resulting in a total loss...
...first big change is a requirement to undergo credit counseling before filing for bankruptcy. That may seem inoffensive, but be warned: over the past few years, horror stories have emerged about credit-counseling agencies that funnel consumers into expensive debt-management plans. Last year the Senate urged the IRS and the Federal Trade Commission to step up enforcement against some outfits for abusing their nonprofit status...
Today 70% of individuals who file for bankruptcy protection do so under Chapter 7 of the bankruptcy code, which requires that most of your assets be confiscated but wipes out most debt, such as medical and credit-card bills (though you're still obligated to pay any child support, taxes and student loans). Under the new law, less debt can be erased under Chapter 7. And if your income is above the median in your state--and you can afford to pay at least $6,000 over five years--you will be forced into Chapter 13, which requires a repayment...
...bottom line is that bankruptcy was always to be avoided--think of the emotional strain, the wrecked credit--but now even more so. Says Elizabeth Warren, a Harvard Law School professor and author of All Your Worth: The Ultimate Lifetime Money Plan: "The safety net for middle-class families just got smaller...