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2011 Looks Bleak as Bankruptcies reach All-time High

Filing for bankruptcy is usually the final resort for an individual or business struggling with debt.  When all other options have been exhausted and the creditors continue to hound, then most people consider filing for bankruptcy protection. Bankruptcy is a…

Judge Rejects WaMu Exit from Bankruptcy

US Bankruptcy Court Judge Mary F. Walrath rejected Washington Mutual Inc.’s plan to exit bankruptcy and repay more than $7 billion to creditors over the number of parties being protected from lawsuits by the plan.  Speaking from Wilmington, Delaware, Judge…

Borders Bankruptcy may be Inevitable

Bankruptcy expert Professor John Pottow said in an interview that either Borders Group Inc. will file for bankruptcy protection or merge with competitor Barnes & Noble.  The well-known bookstore lost $74.4 million in the third quarter of 2010 and is…

Bankruptcy News

Borders on the Verge of Bankruptcy? Bookstore chain Borders has announced that they are delaying payments to their publishers.  Could this be a sign of imminent bankruptcy?  It’s anyone’s guess. Borders has been taking steps to find new financing sources…

Bankruptcy Judge Rules for Musicians in Louisville

In the dispute between Louisville Orchestra Inc. and its musicians, bankruptcy judge David Stosberg has ruled in favor of the musicians and denied the Orchestra’s request to suspend its collective agreement with its musicians for 120 days.  The ruling is…

Bankruptcy of Quigley Unit of Pfizer to Continue

In September last year, bankruptcy judge Stuart M. Bernstein overruled the application of Quigley Company Inc to exit bankruptcy for the fourth time in its Chapter 11 plan.  In his ruling, Judge Bernstein found that Pfizer, the parent company, had…

About Local Government Bankruptcies

State governments are often divided over the issue of allowing local town governments to file for bankruptcy.  The state of Indiana, for example, does not have legislation that allows for this while most other states in the US do.  Indiana…

10 Things to do After Bankruptcy part 2

In part 2 of this article, I will tell you more about what you should do to re-establish your credit standing after being discharged from bankruptcy: 6. Apply for a Secured Credit Card A secured credit card is one that…

10 Things to do After Bankruptcy part 1

In 2011, experts predict another 1.5 million people will file for bankruptcy in the US.  If you are contemplating filing for bankruptcy, your most pressing consideration would be how to get back in good credit standing after the bankruptcy is…

Bankruptcy Judge Scuttles Plan to Sell Martin Cadillac

The Newark US Bankruptcy Court Judge Rosemary Gambardella rejected a plan to sell the Martin Cadillac dealership in Eaglewood Cliffs to a company headed by Jonathan Sobel, once a managing partner at Goldman Sachs.  The selling price was to have…

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