Many people who are struggling financially to pay their mortgage, vehicle payments, medical bills and/or credit card debt also end up getting very behind in their utility payments. Disconnect notices from the electric, water, gas and telephone companies fill the mailbox and even payment arrangements become impossible to keep.
As a society we have become accustomed to labeling different generations with short and catchy nicknames. Currently we have Generation X for those born from 1965 through 1979; Generation Y for those born from 1980 through 2000; and lastly we have Generation Z for those born from 2001 through the present.
The rate at which professional football and basketball players are filing for bankruptcy after retirement is being discussed with increasing frequency across the NFL and NBA. The issue is not confined to those to sports alone, though, as some of the biggest athletes in a variety of sports – Warren Sapp, Dennis Rodman, Mike Tyson, Marion Jones – are broke.
Americans have lots of debt. Not all debt is bad, but if you land in a tough financial situation, debt can feel like an invisible weight around your neck. Enter the debt collector. This post discusses how to understand and communicate with debt collectors:
A New Jersey man has been sentenced to 18 months in prison for concealing assets in a November 2008 bankruptcy petition he filed. Brian Young, 39, was the sole proprietor of Brys Landscaping, d/b/a AAA Interlocking Pavers, when he filed a petition for Chapter 7 bankruptcy protection in the state of New Jersey.
The second-largest newspaper publisher in America, Tribune Co., filed for bankruptcy in December 2008. It was the biggest bankruptcy ever in the history of the American media industry. The company has been in the process of emerging from a Chapter 11 bankruptcy protection and was granted approval of a reorganization plan that would enable this emergence. However, some creditors have opposed the settlement of legal claims stemming from the company’s 2007 buyout and the way some bondholders are treated in the reorganization plan.
The U.S. Trustee became the latest government agency to criticize Solyndra LLC’s plan to repay its debts, saying the bankrupt solar panel maker should disclose whether it is favoring venture capital investors over creditors.
The U.S. Trustee for Delaware, New Jersey and Pennsylvania, an agent of the Department of Justice, said in a court filing that Solyndra should provide more information about the repayment plan, which preserves potential tax benefits for the two investment funds that are sponsoring the bankruptcy plan.
Bloomberg reported a story about ATP Oil & Gas Corp., a Gulf of Mexico oil producer, getting approval for bankruptcy financing a week after they filed for bankruptcy. U.S. Bankruptcy Judge Marvin Isgur gave interim approval to the $618 million financing from Credit Suisse Group AG and other lenders after requiring that changes are made to certain terms.
The Chicago Tribune reported a story about Midwest Generation, who operate six coal-fired electric plants in Illinois, possibly seeking bankruptcy protection along with its parent company, Edison Mission Energy.