Tag Archives: Filing for Bankruptcy
Can I File Bankruptcy Again?
They say that lightning never strikes twice in the same place; unfortunately, financial misfortune comes with no such guarantee. Job loss, serious illness, divorce, and other unexpected emergencies may occur once in a lifetime or once a year, and it is almost impossible to predict when the next storm will arrive. That unpredictability and… Read More »
What Happens During Bankruptcy?
Trilogy Capital Management, one of the last holdout creditors in the ongoing Caesar’s Entertainment Corp. bankruptcy, agreed to support the reorganization plan. This development is good news for the newly-christened Caesars Entertainment Operating Company Inc., because it will probably allow the company to emerge from Chapter 11 and return to business as usual. In… Read More »
Obstacles To Bankruptcy: Security Clearance
Many people who need to file bankruptcy hesitate to do so because they are afraid that a voluntary petition will mean the revocation of their security clearances. That fear is only partially true. Although the word “bankruptcy” does not appear in Department of Defense Directive 5220.6, which controls security clearance revocation, there is a… Read More »
This Is The End?
A prominent financial planner has advised the city of Chicago and state of Illinois to file bankruptcy and start over, because their financial problems are completely overwhelming. Former FDIC head William Isaac said that now may be a good time to seek Chapter 9 protection, because the city and state are in “dire financial… Read More »
Rebuilding Credit After Bankruptcy
Some people put off bankruptcy, or refuse to file altogether, because they are afraid it will “ruin their credit.” But, to be blunt, their credit is already “ruined,” in many cases. Negative information, like past-due mortgage payments or automotive repossessions, stays on credit reports almost as long as a bankruptcy filing. Furthermore, by following… Read More »
Your Bankruptcy And Your Security Clearance
Workers that are experiencing financial distress while serving at Scott Air Force Base, the Great Lakes Training Center, and Rock Island Arsenal, or while employed by one of the many private firms in Illinois that require a security clearance, may hesitate to file bankruptcy because they believe that such filing will lead to adverse… Read More »
Priority and Superpriority Bankruptcy Claims
In a recent bankruptcy case, Illinois reached a superpriority claim settlement agreement with the major coal producer Peabody Energy, reports MiningWeekly.com. Large coal producers, such as Peabody Energy, are sometimes allowed to self-bond so that they can operate mines without setting aside sums of money reserved for cleaning up their mining site in the… Read More »
Your Business Can Emerge From Bankruptcy as a Publicly Traded Company, Just Ask Twinkies Maker Hostess
In 1930, in a suburban Chicago bakery, the Twinkie was invented. Since then, Twinkies and other hostess snacks have truly become a part of Americana. Hostess Brand owns both Twinkie and Ding Dongs and operated as a financially successful company for many years. However, over the decades Hostess has found itself in a bit… Read More »
Debt Management Plans: A Viable Alternative to Bankruptcy?
Unfortunately, the debt relief industry is filled with scammers looking to make money off of people who are deep in debt and desperate for a way out. However, there are reputable nonprofit credit counseling services out there that will evaluate your current financial situation, explain the debt relief options available to you, and more… Read More »
Bankruptcy Filings Down 6 Percent Across The U.S., Yet Many Bankruptcy Petitions Still Being Filed In Illinois
Now that the first half of 2016 has come and gone, analysts at the American Bankruptcy Institute (ABI) have surveyed American bankruptcy trends over the last six months and have released their findings. The ABI reports that between January 1st and June 30th of this year the total number of bankruptcy filings in the… Read More »
