MINNEAPOLIS— The Roman Catholic Archdiocese of St. Paul and Minneapolis has assets totaling more than $45 million— including about $11 million in real estate— according to a schedule of assets and liabilities filed Friday in U.S. Bankruptcy Court. Archdiocese leaders have said bankruptcy is the best way to fairly compensate victims of clergy sexual abuse...» Read More
The names of several thousand clients who lost money investing with Bernard Madoff have been released in a court filing that reads like a Who's Who: former Los Angeles Dodgers pitcher Sandy Koufax, actor Kevin Bacon and even Madoff's defense lawyer.
No, Carmen says. The only person who can repair your credit is you.
The visible signs of the carnage in the retail sector will soon be too hard for many to ignore. The International Council of Shopping Centers projects 148,000 retail stores will be shuttered in 2008, and another 73,000 stores will close in the first half of this year. If those estimates prove correct, the number of closures last year will be the highest since at least 2001, and this year, closures will be on track for a similarly brisk pace.
Carmen weighs the options for one couple who feel like they're drowning in debt.
John Ulzheimer explains the pros and cons to filing for chapter 7 if you're in too deep with your lenders.
Sometimes when you look inside the numbers, you find something interesting. In a recent report I noticed the number of bank repossessions was rising faster than overall foreclosure filings.
German memory-chip maker Qimonda declared bankruptcy Friday, just a month after receiving a rescue package of millions of euros (dollars) in loans.
Here's the dirty little secret: bank nationalization in the UK has already happened. The vast majority – but not all – of the UK banks simply would not be solvent but for myriad government support.
Electronics retailer Circuit City Stores reached an agreement with liquidators on Friday to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.
Retailer Gottschalks says it put itself up for sale and has filed to reorganize in a Chapter 11 bankruptcy.
We haven’t heard that phrase since Lehman Brothers imploded. Wonder why.
As the countdown to the Obama administration falls into single digit days, the rhetoric over how to reverse the housing crisis is heating up, and much of the chatter is focusing on bankruptcy and “walkaways”. All of this leads me to ask the question, which is worse to your financial future: personal bankruptcy or foreclosure?
Despite tremendous fear that the nonfarm payroll report would be a complete disaster tomorrow, traders acted like there was little urgency. Volume was light, volatility was low and with the exception of one sector (retail) all S&P sectors were up or down less than one percent.
A while back I debated the pros and cons of a proposal to allow bankruptcy judges to modify troubled loans. The President-elect included it as one of the four tenets of his housing plan during the campaign, so one can only surmise that it’s still high on his list.
For all the hand wringing you see from people wondering if GM and Chrysler can get the UAW to re-work wages and benefits or for debt holders to agree on a debt for equity swap, the real trick will be closing dealerships.
The Bush administration is seriously considering "orderly" bankruptcy as a way of dealing with the desperately ailing U.S. auto industry.
In theory, the mass bankruptcy filings should be good for the economy by giving people a second chance. But the damage is already done.
In another sign of the grim holiday season, KB Toys filed for bankruptcy protection for the second time in four years on Thursday, joining fellow retailers Linens 'n Things and Steve & Barry's in seeking Chapter 11 protection amid the recession.
Britain's biggest retailer, Tesco, announced price cuts of 50 percent. Former household favorite Woolworths began a closing-down sale. Music retailer HMV reported a sizable first-half net loss.
It may be your last best option. But you better know what you're doing before you go through with it.