Nadya "Octomom" Suleman filed a bankruptcy claim that recently was tossed by the court for failing to complete and file proper paperwork. Filing completed paperwork on time provides proof that a debtor is unable to pay their outstanding debt. In this case, since Suleman failed to provide complete documentation, creditors may move forward with their [...]
U.S. District Judge Otis Wright filed for Chapter 7 bankruptcy protection after reportedly being on the bench for just 5 years. According to the San Francisco Chronicle, Wright and his wife filed a petition in December 2011 and claimed to have over $895,000 in liabilities compared to their assets being worth nearly $833,000. An annual salary [...]
Sean Larkin, former manager of the hip hop music group Black Eyed Peas filed Chapter 7 bankruptcy protection over the weekend in Los Angeles, CA. The Los Angeles Times reports that Larkin acknowledged failing to file tax returns for the music group while managing them as well as other clients. The petition filed with the U.S. Bankruptcy [...]
American Airlines and its parent company, AMR Corp. has filed for Chapter 11 bankruptcy protection. American, which was the only airline to avoid bankruptcy after the September 11th terrorist attacks in 2001, has fallen behind competitors who used bankruptcy to trim labor costs and restructure their debts. Speculation about an AMR bankruptcy grew in recent weeks, [...]
To further its efforts to avoid bankruptcy, Eastman Kodak Co. has changed law firms hoping that a new firm can help it restructure its debts outside of the bankruptcy process. Kodak is intent on avoiding bankruptcy, a person familiar with the matter said. That is even though some of Kodak's biggest challenges involve expensive leases, [...]
The threat of a Countrywide Financial bankruptcy filing looms larger than ever as the number of lawsuits against the company mounts. The subprime mortgage lender, which was acquired in 2008 by Bank of America continues to suffer losses as the foreclosure crisis fails to loosen its stranglehold on housing industry stakeholders. The FHFA sued Bank [...]
Singer Tionne "T-Boz" Watkins, member of TLC a group which had ten Top 10 singles, four multi-platinum albums, and won four Grammy Awards, has filed for bankruptcy. T-Boz owes creditors $768,642.99, mostly from mortgages on her $1.2 million house, court documents revealed. According to TMZ, the "Waterfalls" hitmaker still earns $1,200 a month in royalties. [...]
Fox Sports is calling for the dismissal of the Dodgers bankruptcy case and the Dodgers are suing Fox Sports news in the latest twist in a sports team Chapter 11 bankruptcy that continues to become more brutal by the week. The last twist in the bankruptcy drama had MLB commissioner Selig agreeing to allow McCourt [...]
Bankrupt securities firm MF Global allegedly transferred millions in missing client funds last week right before filing bankruptcy. If true, the money transfer could cause serious problems in the firm's bankruptcy case: CME's statement suggests that MF Global executives rushed hundreds of millions out of client accounts as bankruptcy loomed. The company acknowledged that the money was missing early Monday morning. [...]
In a bankruptcy case that is never ending, the Tribune Co. bankruptcy plan was rejected by U.S. Bankruptcy Judge Kevin J. Carey because of its unfair treatment of certain subordinated claims known as PHONES. In his opinion, Carey approved a controversial settlement that was at the heart of a plan of reorganization proposed by Tribune [...]