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]
bankruptcy
American Airlines Files For Bankruptcy Protection
By 11.29.11
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
By 11.2.11
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
By 10.5.11
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
By 9.30.11
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
By 9.23.11
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
By 8.26.11
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]
Could Bank Of America Put Countrywide Into Bankruptcy?
By 8.12.11
Three years after breathing life into a drowned Countrywide Financial, Bank of America is probably wishing it had just let the lender sink. BofA has already lost $8.5 billion in one lawsuit, with others still pending that could more than double that amount. So what’s the nation’s largest bank to do? Maybe put Countrywide in bankruptcy. [More]
California City Emerges From Bankruptcy
By 7.29.11
Three years ago, Vallejo, Calif. was so broke that it declared bankruptcy. Now a judge has approved the city’s rebound plan, and it’s emerged as a leaner, ideally more efficient entity with a balanced budget. [More]
Still Have A Sharper Image Gift Card? It Might Actually Be Worth Something
By 7.7.11
When gadget galleria Sharper Image stopped accepting gift cards only days after filing for bankruptcy protection in February 2008, consumers were left holding an estimated $19 million in useless plastic. But a class-action case against the company has managed to wrest some money from the shuttered company for those who were screwed over three years ago. [More]
Return Merchandise To Bankrupt Newport News, Get Sent To Collections
By 7.6.11
Late last month, the company that operates the Spiegel and Newport News women’s clothing catalogs filed for bankruptcy. There’s some very interesting background questions about why the company is bankrupt for the second time in eight years and why it’s being sold to an affiliate of its parent company. But that’s not what reader Angela is concerned about. She returned some merchandise to the catalog that she paid for with her store credit account. She sent it back several months ago, and still insist that she pay for it. This is not a practical way to get out of Chapter 11. [More]
Personal Bankruptcy Filings Down In First Half Of 2011
By 7.5.11
If you’re looking for some not-so-bad news on the economy, here’s a morsel for you: The number of individuals filing for bankruptcy during the first six months of 2011 is down significantly compared to the same time period in 2010. [More]
Borders Finds Someone Willing To Buy It For $215 Million
By 7.1.11
Nearly five months after filing for Chapter 11 bankruptcy protection, the once huge chain of Borders bookstores has finally found a private investment firm willing to buy it for $215 million. Alas, the buyer would also be assuming $220 million in debt from the busted bookseller. [More]
Dodgers Escalate Struggle With Major League Baseball With Bankruptcy Filing
By 6.28.11
Major League Baseball seized control of the Dodgers in April and blocked a proposed TV contract with Fox, and now the team has filed for bankruptcy in what seems to be the owner’s last-ditch effort to keep the franchise from slipping away. [More]
Diners and Employees at Marie Callender's Restaurants Abruptly Kicked Out
By 6.13.11
Marie Callendar’s may be known for warm pot pies, but patrons and employees of Marie Callendar’s restaurants in Washington got a cold bit of news last night: The eatery’s parent company told restaurant managers they needed to shut down and tell customers — some in the middle of their meals — to get out. [More]
Someone Out There May Actually Want To Buy A Slice Of Sbarro Pizza
By 5.20.11
Back in April, Sbarro announced it was preparing to file for Chapter 11 bankruptcy protection because no one is eating at the mall food courts of America these days. But now come reports that the pizza chain might have found a buyer for the business. [More]
Dumping 2nd Mortgage Through Bankruptcy Is No Cake Walk
By 5.10.11
For anyone considering getting rid of their second mortgage in the manner described in yesterday’s post, bear in mind that it is by no means a painless process. One of our readers is a staff attorney for a Chapter 13 bankruptcy trustee, and he writes in with more details about what this process entails. [More]
Homeowners Exploiting Bankruptcy Loophole To Dump 2nd Mortgages
By 5.9.11
Some homeowners are taking advantage of a little-known loophole in the bankruptcy law to get rid of their second mortgage and also avoid the pain of foreclosure, reports the San Jose Mercury News. Here’s how it works: [More]
