(Alan Rappa)

To Preserve The Brand, Hostess Leaves Equity Owners Without A Twinkie To Show For Their Investment

Back in January, Hostess Brands Inc., makers of the Twinkie and lots of other snacks (but mostly the Twinkie) declared bankruptcy. Yesterday the company finally filed its plan to get out of bankruptcy, which basically amounts to telling its equity owners, “Thanks for all the money, now go away.” [More]

We Cosigned Our Unemployed Son's Student Loans. Now We're Screwed

We Cosigned Our Unemployed Son's Student Loans. Now We're Screwed

If you retain one piece of information from reading this site, let it be this one: never co-sign anyone’s student loans. Not your spouse’s student loans. Not your best friend’s student loans. Not your nephew’s student loans. Not even your own child’s student loans. It is the worst possible kind of debt to assume on behalf of someone else. The balances can be huge, the debt can’t be discharged in bankruptcy, and there’s nothing to repossess. That’s what anonymous parents M and D have learned, the very hard way. [More]

San Bernardino Declares Fiscal Emergency, Prepares To File For Bankruptcy

San Bernardino Declares Fiscal Emergency, Prepares To File For Bankruptcy

California continues to show signs of how hard the housing crisis has hit it, with San Bernardino likely to become the third city to declare bankruptcy in the state. The city council declared a fiscal emergency, which will allow it to file for bankruptcy protection without having to discuss it with creditors. [More]

Report: Bankruptcies Dropping Toward Pre-Crash Levels

Report: Bankruptcies Dropping Toward Pre-Crash Levels

We’re nearing the All-Star break for baseball, which means it’s time to enjoy the annual tradition of looking at the American Bankruptcy Institute’s half-year stats. The bad news is that a butt-ton of people and businesses in the U.S. are still filing for bankruptcy, but on the up side, that number continues to show a downward trend after its most recent peak in 2010. [More]

City At Vanguard Of Housing Crash Could File Bankruptcy This Week

City At Vanguard Of Housing Crash Could File Bankruptcy This Week

Back in August 2007, when many of us were still taking out adjustable-rate loans to pay for the water slide on our new champagne-filled jacuzzis, reports of impending doom were coming Stockton, Calif., a city that had suddenly jumped to the head of the foreclosure pack, with 1-in-27 homes being taken back by the bank. Now, five years on, it looks like Stockton could be due for another ignominious honor, as it stands to become the largest U.S. city to declare bankruptcy. [More]

Debt Collectors Now Going After Former Hollywood Video Employees

Debt Collectors Now Going After Former Hollywood Video Employees

Zeke once worked for now bankrupt and defunct Hollywood Video. Employees had special accounts allowing them to rent older movies (more than a few weeks old) for free and not have to pay late fees when they didn’t bring them back. Zeke is sure that he wouldn’t hallucinate free movie rentals, but the collection agency that sent him the letter insists that this policy never existed, and that it’s up to him to prove that he didn’t owe the company $28.95 in late fees at the time he quit. [More]

Are Student Loans A Ticking Time Bomb For The Economy?

Are Student Loans A Ticking Time Bomb For The Economy?

Four years later, we’re still standing on the rim of a smoldering crater where the housing market used to be, pledging we’ll never let another financial disaster like that happen again. But some prognosticators worry we could soon be bracing for another blast, judging by the growing number of people who can’t pay back their student loans. [More]

Kodak Gets Out Of The Digital Camera Business

Kodak, the company whose name was once synonymous with photography, announced today that it will phase out its digital cameras, pocket video cameras and digital picture frames during the first half of this year, as it fights to crawl out from under Chapter 11 bankruptcy protection. [More]

Kodak Wants To Wipe Its Name Off Of Academy Awards Venue

It’s generally seen as bad form for a bankrupt company like Kodak to have its name plastered on a theater as a title sponsor. Kodak, which filed for Chapter 11 protection last month, has realized it would have a lot more cash to burn if it could wriggle out of a $75 million, 20-year commitment to slap its name on the Kodak Theatre, which hosts the Academy awards. [More]

Kodak Files For Bankruptcy Protection

Kodak Files For Bankruptcy Protection

As predicted earlier this month, struggling photography pioneer Eastman Kodak has filed for Chapter 11 bankruptcy protection while it attempts to raise cash by selling off some of its more than 1,000 patents. [More]

Report: Kodak Prepping To File For Chapter 11

Report: Kodak Prepping To File For Chapter 11

The new year isn’t getting off to a good start for the photo folks at Eastman Kodak Co., which is reportedly preparing to file for Chapter 11 bankruptcy protection if it can’t unload a pile of its patents on buyers in the next few weeks. [More]

Here Are Some Signs That Bankruptcy Is Your Best Option

Here Are Some Signs That Bankruptcy Is Your Best Option

Most people don’t set out to go bankrupt, but a fresh start offered by the maneuver could be a wise and necessary move to recover from such setbacks as poor financial choices made when you were young, medical disasters or a divorce. [More]

American Airlines Files For Bankruptcy Protection

American Airlines Files For Bankruptcy Protection

The third-largest airline in the U.S. has more to worry about than delays and baggage fees. Earlier today, American Airlines announced that it and its parent company are filing for Chapter 11 bankruptcy protection, and that its CEO has stepped down. [More]

Filene's Basement Stores To Close Doors Forever

Filene's Basement Stores To Close Doors Forever

More than 100 years after opening underneath a Boston department store, it’s the end of the road for discount clothing store Filene’s Basement, which filed for bankruptcy this morning along with parent company Syms. [More]

Friendly's Files For Bankruptcy Protection, Closes 63 Restaurants

Friendly's Files For Bankruptcy Protection, Closes 63 Restaurants

As we reported last week, the financial outlook at ice cream and burger chain Friendly’s is bleak. Earlier today, the company confirmed rumors it would be filing for Chapter 11 bankruptcy protection and announced it has closed 63 shops around the country. [More]

Report: Friendly's To File For Bankruptcy Protection

Report: Friendly's To File For Bankruptcy Protection

Friendly’s, the ice cream and burger chain that has more recently been in the news for pushing the limits of cheese tolerance by slapping a burger between two grilled cheese sandwiches, is reportedly considering filing for Chapter 11 bankruptcy protection and possible sale. [More]

Judge Holds Up Borders Sale Due To Privacy Concerns

Judge Holds Up Borders Sale Due To Privacy Concerns

Things are so bad for Borders that the company can’t even seem to fail properly. A U.S. Bankruptcy Court judge threw a hurdle in front of the proposed $15.8 million sale of intellectual property to Barnes & Noble, demanding that paperwork must clarify privacy rights for 48 million customers whose data will be swapped in the transaction. [More]

14 Borders Stores To Be Reborn As Books-A-Million

14 Borders Stores To Be Reborn As Books-A-Million

Loyal customers of some Borders stores in the Northeast and Midwest, rejoice: you may not have to go long without a book superstore once Borders closes. According to bankruptcy court documents filed yesterday, Alabama-based chain Books-A-Million has agreed to take over the leases for 14 Borders outlets, mostly in the Northeast. A previous proposal for BAM (best store acronym ever) to take over 30 Borders leases fell through. [More]