Bankruptcy Filings on the Rise

Bankruptcy Filings on the Rise

Portland, ME – June 12, 2009 – The recession led significantly more individuals earning $40,000 or more per year to file for bankruptcy in 2008 than in years past according to the 2008 Annual Consumer Bankruptcy Demographic Report released by the Institute for Financial Literacy, a non-profit financial counseling and education organization based in Portland, Maine.

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 · Filing for Chapter 7 Bankruptcy. Under a Chapter 7 bankruptcy, all assets are sold for cash. That cash is then used to pay off legal and administrative expenses that were incurred during the bankruptcy process. Once a company proceeds to file for Chapter 7 bankruptcy, the company’s creditors are paid in a specific order.

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Its major rival, Sydney-based Credit Corp, filed none while smaller providers. Mr Brody said bankruptcy could be a valid.

 · Elder bankruptcy is on the rise. Here’s why The number of elders who filed for bankruptcy has increased to 12% from 2% in 1991, a study by a group of university professors has found, according.

Recent increases in the number of bankruptcy filings and foreclosures suggest we may be reaching. The Star Tribune’s Nov. 26 article, “Farm bankruptcies are on the rise, and bankers worry that far.

At 315 members currently, TBBBA enjoys the support of almost every bankruptcy practitioner in the Tampa Division. I know that, with the number of bankruptcy filings on the rise, there are increasing demands on your time. But, consider what this organization does to benefit your professional life, and please make time

Source: Flickr Every one of the jewelry business’ 261 locations across 38 stores will shutter their doors following the bankruptcy filing from the company. hampering brick-and-mortar stores. The.

In the United States, bankruptcy is a legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code).

Those aged 65 and older have more debt than previous generations, and an increasing portion are filing for bankruptcy in hopes of relieving. an increase in out-of-pocket medical spending, a rise in.

Barneys, the iconic chain of upscale New York department stores established in 1923, has just filed for bankruptcy protection. shift just as profound. The rise of the department store.

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