Thanks to our still-troubled economy and the mortgage and foreclosure crisis that is wreaking havoc on homeowners across the country, Maricopa County readers have probably gotten used to hearing about bankruptcy in the news. After all, it seems like there is some new story or report on bankruptcy every day. Sometimes, when a concept [...]
The Chapter 9 Municipality Bankruptcy of the California City of Stockton occurred in June, 2012. Unfortunately, it may soon have more company, the primary reason is that cities across America created big promises to their workers (primarily police and firemen) during the good times when housing prices and the economy were surging. The problem now [...]
People associate business bankruptcy with failure that occurs when a business owner could not compete in a highly competitive market. Fashion designer Betsey Johnson might have fit that description in 2012 when, after 35 years in business, dwindling profits and mounting debt forced her to close the 63 shops that sold her clothing designs for [...]
Arizona residents who experience unexpected life changes such as unemployment or illness may find themselves struggling to pay mortgages, medical expenses and credit card debt. By utilizing personal bankruptcy, they can resolve their financial challenges. However, he expiration of the federal Mortgage Fairness Debt Relief Act at the end of 2012 could add an additional [...]
A struggling economy has left many Americans struggling with financial challenges caused by unemployment, business ownership, medical issues or bad investments. Some people reach the point where Chapter 13 or Chapter 7 bankruptcy becomes the best means of achieving debt relief. John L. Smith struggled with that decision the summer of 2012 in the spotlight [...]
As Eastman Kodak struggles to handle its obligations under a business bankruptcy filing, the third quarter postings indicate that the losses for the company were $312 million. This is almost $100 million more than the $222 million loss posted for the third quarter of 2011. Part of the reason may come from a 19 percent [...]
Electric cars could become common sights on Arizona highways in the near future, but one automaker that set out to break the nation's dependency on fossil fuels might not be around to see it happen. With 75 percent of its workers now unemployed following a mass layoff and a $529 million loan from the U.S. [...]
Some Arizona residents may think that financial woes do not touch the rich or famous, but anyone can be affected by overwhelming debt. In fact, the woman who proclaimed herself the world's first supermodel, Janice Dickinson, recently confirmed that she has filed for personal bankruptcy. Dickinson is known for her role as a judge on [...]
The Accuracy in Reporting Medical Debt Act is a new bill that has been introduced in Congress aimed at protecting consumers from inaccurate reporting of medical debt to credit bureaus. An estimated 10 percent of all insurance claims are processed incorrectly. Debt collectors often use information about medical debt that is false, incomplete or outdated. [...]
Arizona-based Rural/Metro. Corp., which is owned by Warburg Pincus LLC, has filed for Chapter 11 bankruptcy protection. The company has negotiated an agreement with certain creditors to help obtain new capital while reducing company debts by approximately 50 percent. The chief financial officer claimed that the proposed plan will allow the company to continue to [...]