Personal Bankruptcy and Tough Decisions

by Grace Holt Filing for personal bankruptcy in the United States has reached epidemic proportions. The economy is partly to blame ... is a moral decision for many You have been taught to pay what you owe. For many walking away form debt ... to function. Drowning in debt will never produce productive citizens. There is no law that says [more...]

Date: 2009-01-14 09:20:15

Blog posts (103) | Videos (78)
 

Nortel :: One more victim of economic recession.

Today Nortel Networks Corp.a Canada based multinational telecommunications equipment manufacturer has filed for bankruptcy protection ... and Europe. Nortel, based in Toronto, had more than $1 billion in assets and debt, according to a Chapter 11 filing of its U.S. subsidiary today in Wilmington, Delaware. 14 affiliates of Nortel’s financ [more...]

Date: 2009-01-14 17:31:56

Should I File for Bankruptcy? - Some Things to Consider

by William Blake Bankruptcy is a means to get out of debt. Some feel that it is a quick escape from mounding debt, and they make it their number one option ... taking such a drastic step. You will no longer be eligible for any decent credit. That means [more...]

Date: 2008-09-17 14:43:00

When It's Time to Wave the White Flag and File Bankruptcy

Sometimes, despite our best intentions to pay back our debts, our individual circumstances make it an impossible task ... to buy more immediate needs, like groceries or the heat bill? Do bill collectors call you regularly ... ) Have you tried debt consolidation but can't get approved for the loan? Are you unsure how much [more...]

Date: 2009-01-08 02:07:50

Are You Or Any Of Your Clients Considering Bankruptcy?

As I have been watching the news this week, I see that bankruptcy is at an all time high ... their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment ... to require that anyone filing bankruptcy complete an approved credit counseling program before [more...]

Date: 2008-10-01 11:46:06

Shoe Drops: Tribune Files for Bankruptcy

Following reports of trying to avoid this step, ... payments over the next year, its most pressing problem is a maintenance covenant on some of its debt ... . In a court filing, The New York Times reports, Tribune said it had nearly $13 billion in debt, compared [more...]

Date: 2008-12-08 19:16:56

Nortel Networks files for bankruptcy protection

Nortel Networks filed for bankruptcy protection on Wednesday in Delaware, a day before the telecommunications company was due to make a $107-million interest payment on its debt. [more...]

Date: 2009-01-14 13:58:34

Bankruptcy Filings Show Consumer Overspending

UC Davis Magazine (Winter 2009) published an interesting study on bankruptcy filings: ... that had never declared bankruptcy.Overall, Zhu concluded that debt accounted for more than 50 [more...]

Date: 2009-01-06 02:44:00

2005 Bankruptcy Law Finance Industry Sought has Strangled Economy

Was the banking industry screwed over by its own bankruptcy law? It sure appears to have hurt the economy.. ... that escape route and forces better-off households to continue paying credit card debt, which makes ... .“Before the reform, overindebted households might file bankruptcy and get rid of their credit card [more...]

Date: 2009-01-14 04:35:33

Tribune Co. Files for Bankruptcy

Well looks like it wasn't a negotiation tactic after all. The AP is reporting (and our sister-blog FishbowlLA picked up a few minutes ago) ... have coupled with a credit crisis, making it extremely difficult to support our debt. All of our major ... from the NYT's Dealbook:In a court filing, Tribune said it had nearly $13 billion in debt, compared [more...]

Date: 2008-12-08 19:08:09

Court orders a lawyer who screwed up to refund his client's fee

The Massachusetts Appeals Court ruled today that a Boston lawyer whose office failed to file a client's bankruptcy petition on time not only has to pay off her debts but refund the fee she originally paid him. Attorney William Soo Hoo had argued that he deserved to keep Linda Don's $1,000 fee because none of her creditors had actually sued her, which means the result was the same as if his office had done its work correctly and gotten her bankruptcy protection. [more...]

Date: 2009-08-26 14:45:33

The Debt Trap

It’s a lot more expensive and complicated to file for bankruptcy now (thanks, Republicans and their Democratic enablers!) ... dealers are being laid off. Valet parking attendants and masseuses are collecting less in tips. “ [more...]

Date: 2008-11-16 13:29:46

RBC on Nortel: Expect Widespread Repercussions from Bankruptcy, Bonds Should Recover

With Nortel Networks Corp. (NT) filing for Chapter 11 bankruptcy protection in the U.S. and CCAA protection in Canada, clearly no government aid came to the rescue. The final straw was the interest payment due on its debt, which stands at a whopping $4.5-billion. The filing does [more...]

Date: 2009-01-15 18:48:44

Should I Declare Bankruptcy?

One of our readers, Alicia, asked: I have one Credit Card debt with a balance of $15,000 can not pay the Min amount they want like 3, ... then to have to file Bankruptcy and they get no money it’s all i can sent (not only Debt i have) should ... of my debt within the next 5 - 7 years? There are two reasons for the 5-7 year question. The first [more...]

Date: 2008-11-19 13:59:48

Free Money Debt Grants

Debt grants help individuals and families get the financial aid they need without filing for personal bankruptcy or destroying their credit or just ... is that they typically lead to bad outcomes regardless. Dealing with a debt collector on your back, for example ... , just dig deeper holes. The typical American who is deep in debt will do one of several [more...]

Date: 2009-01-14 12:24:03

CHAINS VERSUS PRIVATE, INDEPENDENT AND FAMILY OWN NEWSPAPERS

The New York Times is right: The Newspaper Bubble, Too, Has Burst ... that almost tripled the company’s debt… Most newspapers still have earnings before interest, taxes ... . The bankruptcy filing of the Tribune Company on Monday is just the latest, largest evidence [more...]

Date: 2008-12-10 18:03:37

Is Bankruptcy the Right Choice for You?

by Harvey L. Cox Current economic conditions are making a lot of individuals who have never before considered filing bankruptcy to now consider it ... to see whether bankruptcy is right for you. You don’t need a particular level of debt. You don’ [more...]

Date: 2009-01-15 08:21:15

Insider Tips About The Chapter 13 Bankruptcy Forms

consumer law Chapter 13 bankruptcy forms are available to Americans in need to offer a second chance. You may berate yourself and wonder how you got into such a predicament, but the truth is that over one million people ended up filing bankruptcy forms in 2008 and the numbers are climbing in 2009. No matter what your case may be, you don’t have to suffer wage garnishment, foreclosure, repossession, insurmountable debts or harassing creditors and collection callers. [more...]

Date: 2009-09-08 17:54:32

Chapter 7 Bankruptcy Discharge

Tip! The next step in filing for bankruptcy is to determine exactly what assets you have available to you ... the creditors from taking any form of collection action against debtors on discharged debts [more...]

Date: 2008-12-03 01:00:36

Bankruptcies Topped 100,000 in October

Seeing an increase in bankruptcy filings probably isn’t much of a surprise in this economy, ... to get by some other way, maybe through family loans or debt settlement programs or by playing a little shell game ... but the increase is all the more compelling because of this (from USA Today): The sagging economy [more...]

Date: 2008-12-01 21:33:21

More Empty Space at the Mall; Life Gets Harder for Bored Teens

The bursting of the retail bubble that we discussed on Monday continues, and at a faster pace than expected ... , that is probably a good thing in the long term. Plenty of people with too much credit card debt could ... , including Circuit City Stores Inc., Linens ‘n Things Inc. and Sharper Image Corp., filed for bankruptcy [more...]

Date: 2009-01-07 18:01:37

Quick Overview

U.S. retail sales fell 2.7% in December, the sixth consecutive decline.Industrial production in the Euro area fell 1.6% MoM, and 7.7% YoY ... Germany's GDP rose 1.3% in 2008Canada's Nortel Networks filed for U.S. bankruptcy-court ... its acquisition of Merrill Lynch.Standard & Poor's has downgraded Greek sovereign debt in a move [more...]

Date: 2009-01-14 16:24:00

Government Public Records Search - Why Your Personal Information May Not Be Safe

So how private is your private information? Did you know that your records can be made available government public records to just about anyone with ... lawsuits, employment and unemployment. Your bankruptcy filing, which also contains credit card ... to serve the interests of those seeking information on you such as financial institutions, debt collect [more...]

Date: 2008-12-12 17:38:18

Organizing your Finances

One of Suze Orman tips that really struck me was: Financial insecurity makes you vulnerable even to minor life events. Something as small as a broken boiler can send you into a spiral of debt for years to come ... to organize our finances is one of the leading causes of bankruptcy. Unpaid bills filing-up, small loans left [more...]

Date: 2009-01-15 04:28:33

Scarcity of Debtor-in-Possession Financing Forcing Earlier Bankruptcy Filings

In more normal times, when a company faces the risk of bankruptcy but believes it has a viable business, ... to debtor-in-possession financing. The DIP financing is senior to all outstanding debt, and is generally ... limited non-DIP financing with this approach (particularly secured financing). But a Morgan Stanley [more...]

Date: 2008-12-13 06:17:52

Tribune's bankruptcy strategy unclear

The New York Times has posted a new staff story on the reports about Tribune's internal preparations to possibly file for bankruptcy protection ... not comment on Sunday. skip Rating agencies say Tribune’s short-term problem is not in making payments on its debt. Instead, the company is struggling to comply with a requirement that its main debt [more...]

Date: 2008-12-08 02:54:19

Copia Files for Chapter 11

Copia Files for Chapter 11 By Julia Moskin Start-up costs for Copia, a culinary museum and cultural center in Napa, Calif ... Code. In addition to the bankruptcy filing, Copia announced that it had secured a $2 million line ... its considerable debt in 2007. As reported in the Sacramento Bee in July, Copia has lost more than [more...]

Date: 2008-12-02 00:46:09

Truth About Filing Bankruptcy

I've been hearing a lot about houses being left abandoned in the States right now due to recession ... government debt consolidation loans much like the loans we have here in the Philippines from PAGIBIG ... is easily attainable with debt consolidation especially when there are reputable and non-profit credit [more...]

Date: 2008-12-02 13:38:57

Nortel Files for Chapter 11 Bankruptcy

In the about us page on Nortel’s website, they proudly state “Hundreds of millions of people, Fortune 500 companies, ... under the Companies’ Creditors Arrangement Act (”CCAA”) in Canada. As well, certain of the Company’ ... and debt burden, to effectively restructure its operations and to narrow its strategic focus [more...]

Date: 2009-01-14 16:02:05

Bye Bye Nortel

Once North America’s 2nd largest telecom equipment maker, Ontario-based Nortel Networks Corp. (NT) filed for bankruptcy this morning ... the proximate cause was a (US) $107m interest payment due tomorrow. Another factor was today’ ... a waiver necessary to use the line of credit after Moody’s downgraded Nortel debt to junk bond status [more...]

Date: 2009-01-14 18:01:54

Recent Bankruptcy? It’s Not Impossible to Obtain a Home Loan

Because the new bankruptcy laws go into effect on October 17, 2005, more Americans than ever are filing for relief using the federal bankruptcy laws ... discharge. Ironically, some those that would not previously qualify for a mortgage do qualify after ... payments. The DTI* (debt-to-income) ratio of this person is 81.25%. Since his credit score is low [more...]

Date: 2009-01-15 00:11:26

Today in Russian Business - Jan 2, 2008

To the shock of citizens, the Belarus ruble has slid 20% in value as the government pegged the currency for the first time to exchange basket equally ... in debt) after being acquired by struggling Russian steel company Severstal. KP Fashion Co., established by 16-year-old designer Kira Plastinina, has filed for bankruptcy seven months after opening [more...]

Date: 2009-01-02 17:10:19

The denial show

Canadian Press NewsAlert (Nortel) Source: The Associated Press Jan 14, 2009 8:45NEW YORK _ Canadian telecom giant Nortel Networks (TSX:NT) files for bankruptcy protection in U.S. court, shares halted. As I suggested would ... to be leading, not misleading. Nothing will be made better by tricking people into taking on new debt [more...]

Date: 2009-01-14 03:33:31

Considering Kimkins? NOT SO FAST!

Hold on to your wallet! Kimkins (Heidi Diaz) filed for bankruptcy yesterday. This is her 3rd one ... about that, don't you think? She allegedly schemes, racks up debt, and leaves her creditors holding ... , her diet is junk, and you'll be out $80 and looking for a new forum when the Kimtanic sinks.This [more...]

Date: 2009-01-13 14:10:00

Bankruptcy Reform 2005 - AARP Wants Repeal

Bankruptcy Reform 2005 - AARP Wants Repeal Posted Thursday, January 15, 2009 by Mark Zuckerberg Neighbors shared with me an article called " ... to file Chapter 13 (debt repayment plan). In actual practice, though, most debtors (see Bankruptcy Abuse [more...]

Date: 2009-01-15 10:56:15

WSJ reports Chicago Tribune preparing for bankruptcy filing

I guess karma came back to bite Sam Zell in the backside. Perhaps the problem is that Zell never should have been in publishing ... , when real-estate mogul Sam Zell led a debt-backed deal to take the company private. It said ... this year, and Tribune owes a $512 million debt payment in June. One of Tribune's most pressing concerns [more...]

Date: 2008-12-08 08:51:00

Minn. StarTribune Files for Chapter 11 Bankruptcy

Many in the Minneapolis area call the paper the RedStarTribune for its often overbearing leftist point of view, ... its debt and lower its labor costs. Like most newspapers, the Star Tribune has experienced a sharp decline in print advertising. Its earnings before interest, taxes and debt payments was about $26 million [more...]

Date: 2009-01-16 03:44:50

Smurfit-Stone preparing for bankruptcy

Speculation swirled for a second day Thursday that debt-heavy Chicago packaging producer Smurfit-Stone Container Corp. may file for Chapter 11 bankruptcy protection very soon. [more...]

Date: 2009-01-15 22:50:00

Nortel files for bankruptcy. What does it mean to India?

Nortel has $11.6 bn assets and $11.8 bn liability. That would mean a overall liability of 200 million. They have a cash of $2.6 billion ... . During this bankruptcy protection Nortel will negotiate $4.5 billion of its debt, exit [more...]

Date: 2009-01-15 13:00:54

Nortel Bankruptcy, Moto Lays off 4,000

On January 14th, Nortel Networks,the Canadian telecommunications giant, filed for bankruptcy ... on the company’s Web site that the current economic climate, high debt and an expensive cost structure [more...]

Date: 2009-01-15 18:50:19

Los Angeles Times, Chicago Tribune Onwer File bankruptcy

NEW YORK (AP) — Tribune Co. - owner of the Los Angeles Times, Chicago Tribune, ... The media conglomerate was smothered by a drop-off in advertising and a crushing $13 billion in debt ... nationwide. Other newspaper companies have also struggled with heavy debt, a downturn in advertising [more...]

Date: 2008-12-09 03:51:54

Hah! Red Star Over Minnesota Goes Down For Count!

Star Tribune files for Chapter 11 bankruptcy Like most newspapers, the Star Tribune has experienced a sharp decline in print advertising. Its earnings before interest, taxes and debt payments was about $26 million in 2008, down from about $59 million in 2007 and about $115 million in 2004. Another lefty icon bites the dust. Let [more...]

Date: 2009-01-16 03:30:35

Bankruptcy - Is It the Answer?

Bankruptcy - Is It the Answer? October 11th, 2008 Subscribe To Our Feed If your finances are in a mess, you may have considered bankruptcy ... to pay back a portion of the debt that is owed to creditors. Your credit will be damaged ... laws. They were allowed to file more than once for Chapter 7 so many used it to beat credit card [more...]

Date: 2008-10-11 21:47:58

Nortel Bankruptcy Petition

U.S. subsidiaries of Canadian parent Nortel Networks Corporation plopped into Delaware bankruptcy court today.  NNC itself said it plans to file ( ... after thorough consultation with its advisors and extensive consideration of all other alternatives. This process will allow Nortel to deal decisively with its cost and debt burden, to effectively [more...]

Date: 2009-01-14 17:14:49

links for 2008-12-26

In Hard Times, Houses of God Turn to Chapter 11 in Book of Bankruptcy - WSJ.com Church Mortgage & Loan Corp. of Maitland, Fla ... $18 million it owes, says company lawyer Elizabeth Green. Church Mortgage filed for Chapter 11 ... to Getting Out of Debt 9. Tools for a Frugal Life 10. Resources The *Official* Guitar [more...]

Date: 2008-12-27 07:01:05

Deutsche Bank analyst says GM may still consider Chapter 11

Filed under: Government/Legal, GM GM was able to avoid bankruptcy court when it received billions in government loans, ... a stipulation that demands the General swaps a great deal of its $36 billion in outstanding debt for equity ... . GMAC, which was required to exchange 75% of its bondholder debt for equity to become a TARP-eligible [more...]

Date: 2009-01-15 21:58:00

Nortel Networks Inc. and certain U.S. affiliates filed voluntary chapter 11 petitions today in the United States Bankruptcy Court for the District of ... and customer consolidation, customers cutting back on capital expenditures and deferring new investments and the poor state of the global economy.”  The companies have over $4 billion in public debt [more...]

Date: 2009-01-14 17:34:20

Having Problems Paying Your Bills?

Take a few minutes off and answer the following questions.1. What financial concerns are giving you headache right now?a. Credit card billsb ... in debt, try this next suggestion. My Fapturbo is an automated trading system that will help ... 1?a. File a loan to pay other loansb. Drop the insurancec. Declare bankruptcy d. Take second [more...]

Date: 2009-01-15 20:15:28

Save you? I’ll see what I can do! High priest of the bizarre David Gest lays his hands on troubled Kerry Katona in stage stunt

There are plenty of things Kerry Katona could claim to need saving from - her bankruptcy and alcohol problems being just two of them ... accountants were collecting boxes of files. Miss Katona was made bankrupt in August after failing ... of the team, which amongst other things specialises in debt collection, was carrying a book entitled Sealy [more...]

Date: 2009-01-13 14:37:55

Nortel Telecom equipment vendor Declares Bankruptcy

After years of layoffs and losses, one time telecom giant may be near rock bottom ... . The filing caps years of continuing losses as the embattled telecom vendor struggled to manage debt ... as part of its 2005 restructuring. In addition to rebuilding its core business after the dot-com [more...]

Date: 2009-01-15 10:05:01

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