Chapter 7 Bankruptcy is often called “liquidation bankruptcy.” Widely viewed as the most straightforward bankruptcy, Chapter 7 is available to individuals as well as corporations. What is the Purpose of a Chapter 7 Bankruptcy Filing? A Chapter 7 bankruptcy filing will discharge applicable debts, so you can start over financially. Once your bankruptcy filing is complete and you receive a discharge for your debts, you will no longer have any liability for those debts. If you have assets, a bankruptcy trustee can turn over your non-exempt property and convert it to cash for distribution to your creditors. If you do [...]

Friendly’s Ice Cream Corporation, which is known for their “Happy Ending” sundaes, is filing for bankruptcy. The ice cream parlor chain operates more than 400 restaurants where they serve not only ice cream sundaes, but also hamburgers, sandwiches, and pancakes. Friendly’s plans to close 63 of it’s under performing restaurant leaving 424 open.  A slow economy, climbing cream prices, and high rent have been listed as the main reasons behind the restaurant’s financial troubles. Experts say the bottom line is that many Americans have cut back on dining out to save money. The chain employs 10,000 people; over 1,200 jobs [...]

In 2006, the three credit bureaus (Experian, TransUnion, and Equifax) came together to find a way to create a uniform scoring method that would be easily understood. The result was the VantageScore. Many people know what their credit score is, but they do not know what kind of creditworthiness bracket it places them in. With the VantageScore, the gradation is an A-F scale just like in school, making it comprehensible to everyone. What is a VantageScore? The VantageScore is an overall credit score. Your credit standing will vary depending on the scoring system used by your particular lender. With the [...]

If you have recently filed bankruptcy, and your debts have been officially discharged, it is a good idea to order a copy of your credit report to check for errors. Even if you have not filed for bankruptcy, you might want to look over your credit report if you have been denied credit to ensure that all of the information is accurate. Not only are mistakes on your credit report going to be a problem for your credit score, but nowadays landlords, utility companies, cell phone companies, and insurance companies have been known to check your credit report before doing [...]

If you have recently filed bankruptcy, and your debts have been officially discharged, it is a good idea to order a copy of your credit report to check for errors. Even if you have not filed for bankruptcy, you might want to look over your credit report if you have been denied credit to ensure that all of the information is accurate. Not only are mistakes on your credit report going to be a problem for your credit score, but nowadays landlords, utility companies, cell phone companies, and insurance companies have been known to check your credit report before doing [...]

There are many hazard associated with waiting too long to file for bankruptcy. One of the main issues is wage garnishment. Many people put off filing for bankruptcy, and find themselves in a situation where their wages are already being garnished by the time they contact a bankruptcy attorney. A creditor can obtain a court judgment that authorizes them garnish wages, seize your bank accounts, put liens against your real estate property, and more. The good news is with the exception of unusual situations, the creditor cannot obtain a court judgment without notifying the debtor first. The problem here is, [...]

Dutch businessman Victor Muller, the owner of Saab, has filed for bankruptcy protection. The move appears to be a last ditch effort to save the Swedish Automobile company which has been paralyzed by production standstills, mounting debt, and salary issues. Currently, Swedish Automobile has unpaid bills totaling $210 million; said Muller. The Saab factory in Trollhattan, southwestern Sweden, has come to halt, due to the company’s inability to pay suppliers. Saab has been unable to pay its 3,700 workers on time for the past few months, which has Labor unions threatening to push the company into bankruptcy. If the court [...]

Most people who are in the process of filing bankruptcy are understandably concerned with their credit scores. There are a few things to know about your credit score when you are filing bankruptcy. During the few months it takes for a Chapter 7 bankruptcy case, or the up to 5 years for a Chapter 13 case, creditors are not required to make any reports on your credit. Even while making payments under a Chapter 13 bankruptcy, most creditors will not report your payment activity. This is out of fear that they will be violating the automatic stay that was put [...]

No matter what the treacherous weather conditions may be, the United States Postal Service always manages to deliver our mail in a timely manner. So, what could possibly stop the U.S. Postal Service from making deliveries? Bankruptcy. Why is the U.S. Postal Service in such bad shaped financially? Times have changes, and emails have almost completely replaced letters. Private competitors UPS and Fedex do not offer their employees the kind of generous health benefits that the U.S. Postal Service does. Labor represents 80 percent of the USPS’ expenses, compared with 53 percent at United Parcel Service (UPS) and 32 percent [...]

Kim Basinger 1953- The actress most notable for her role as Lynn Bracken in L.A. Confidential from which she won an Oscar for best actress in a supporting role, experienced great financial success after a string of prosperous movie roles. Due to her successful movie career, Basinger earned enough money to purchase the town of Braselton, Georgia. However, soon after she purchased the town, she dropped out of the movie Boxing Helena and was sued for breach of contract. Unable to pay the damages resulting from the lawsuit, Basinger filed for bankruptcy in 1993. As part of her bankruptcy, she [...]