Category Archives: Bankruptcy

Detroit Bankruptcy – Pensions Aren’t Protected From Cuts

Retirees like Gwendolyn Beasley, 67 years old, who worked 34 years for Detroit as a library clerk has an annual pension of $13,085. Ms. Beasley’s pension could be decimated in the very near future. A judge declared Detroit eligible for … Continue reading

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Rapper DMX files Bankruptcy

DMX (Born Earl Simmons) filed for Chapter 11 bankruptcy due to poor financial management. The Chapter 11 petition lists less than $50,000 in assets and $1 million to $10 million in debt. The New York native owes $1.24 million in … Continue reading

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US Postal Service on the Brink of Bankruptcy

US Postmaster General Patrick Donahue issued a plea to Congress today: Take congressional action now to help the Postal Service avoid financial collapse.“The Postal Service is at the brink of default,” Donahue warned at a hearing before the Senate Committee … Continue reading

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What is Bankruptcy?

Bankruptcy is intended to give people a fresh start – free of debt.  The bankruptcy laws provide an opportunity for a fresh start to those individuals whose financial difficulties have left them unable to pay their bills and have put … Continue reading

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