After three years of legal battles a bankruptcy judge has given Washington Mutual permission to exit reorganization. The $7 billion reorganization will allow the savings and loan giant to begin paying of creditors and includes significant distrib ...

General Motors was on the brink of liquidation over two years ago, but today they reported their largest profit in the company’s history. General motors profits for 2011 totaled $7.6 billion, which translates to a 66 percent increase over the pre ...

Irwindale, CA- Irwindale Racetrack LLC filed for Chapter 7 bankruptcy Monday and canceled their racing schedule for 2012. A Chapter 7 filing is recommended by a bankruptcy attorney when a business is deeply in debt. Under this filing the company’ ...

Energy Conversion Devices Inc., a company that manufactures lightweight solar products, has filed for Chapter 11 bankruptcy and plans to sell off its solar panel unit, according to Bloomberg. Energy Conversion, an Auburn Hills, Michigan- based op ...

TLC singer T-Boz filed for Chapter 13 bankruptcy back in October citing that she racked up $700,000 in debt. But last week a bankruptcy judge on Atlanta threw out her case for the third time. The law requires that people who file for bankruptcy m ...

The bankruptcy trustee overseeing the liquidation of Bernard L. Madoff Investment Securities LLC. is attempting to clawback proceeds from Koch industries, according to the Wall Street Journal.

A new report released by the National Association of Consumer Bankruptcy Attorneys show that student loan debt could be the next financial crisis America faces. The report serves as a warning that something has to be done about student loan debt.

Quirky, some say crazy, actor Gary Busey, who has starred in over 70 films filed for Chapter 7 bankruptcy in a California court Tuesday, according to TMZ. Busey, 67, appeared on Celebrity Apprentice with Donald Trump. If a bankruptcy attorney su ...

A preliminary report filed by MF Global’s bankruptcy trustee, James W. Giddens shows that the company used segregated customer funds to finance their daily activities. The report shows that MF Global began to use customer funds beginning on Octob ...

Global Aviation, a private company that charter flights for military members, filed for Chapter 11 bankruptcy protection. Global Peachtree, a Georgia based company, generated 82 percent of its income from transporting troops and cargo. The recent ...

Providence, RI- Mayor Angel Taveras warned that the city was close to going bankruptcy in June if they cannot cut their deficit. Traveras, a Democrat, said that the city cannot afford the annual raise on retiree benefits; about 600 people receive ...

One of Iowa’s largest architectural-engineering firms Durant Group has filed for Chapter 11 bankruptcy protection as it looks for a new owner. Joe Pfeiffer the attorney representing Durant stated he hoped the group could emerge from bankruptcy wi ...

Lee Enterprises Inc. got final approval from a bankruptcy judge on Monday to exit Chapter 11 bankruptcy, according to CBS News. Lee Enterprises Inc. publishes over 50 newspapers nationwide and filed for Chapter 11 on December 12th last year to fo ...

Hostess Brands Inc., makers of the infamous Twinkie has asked a bankruptcy judge to cut some its union obligations stating it is the only way for the company to emerge from bankruptcy. Union bosses issued a statement saying that Hostess is trying ...