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Detroit Becomes the Largest US City to File Bankruptcy

Submitted by Anonymous (not verified) on Fri, 07/19/2013 - 01:18

By Mary Ann Pekara
Detroit filed for Chapter 9 bankruptcy protection in U.S. Bankruptcy Court in the Eastern District of Michigan today.
Detroit will now enter into a 30-90 day period to determine whether or not the city is eligible for Chapter 9 protection and all creditors will have an opportunity to fight for who will get a piece of the $18.5 billion debt.

Pop Singer Toni Braxton Reaches Deal to Exit Bankruptcy Court

Submitted by Anonymous (not verified) on Wed, 07/10/2013 - 23:09

By John Clark
After more than two years of legal wrangling, pop star Toni Braxton has reportedly reached a deal to wrap up her bankruptcy filing, according to the San Francisco Chronicle.
Braxton originally filed for bankruptcy in 2010, claiming that she owed tens of millions of dollars to creditors, but it appears her long debt relief journey may be coming to an end.
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Alabama County Files Plan to End Historic Bankruptcy Process

Submitted by Anonymous (not verified) on Thu, 07/04/2013 - 01:34

By John Clark
Jefferson County, Alabama, which became the largest municipality to file for bankruptcy in U.S. history, has filed a plan to cut $1.2 billion in debt, according to a report from Bloomberg News.
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And if the bankruptcy plan is approved by a judge, sources expect Jefferson County to exit bankruptcy and continue on its path to financial health within a matter of weeks.

Actress Kelly Rutherford Files for Bankruptcy in Midst of Divorce

Submitted by Anonymous (not verified) on Fri, 06/28/2013 - 00:11

By John Clark
Actress Kelly Rutherford, who is embroiled in a very public custody battle with her former husband, Daniel Giersch, is filing for personal bankruptcy, according to a report from CBS News.
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Sources say the costs of the prolonged divorce battle, as well as the subsequent fight over child custody, has simply drained the finances of the former star of “Gossip Girl.”

Film Pioneer Kodak Reaches Settlement to Exit Bankruptcy Court

Submitted by Anonymous (not verified) on Fri, 06/21/2013 - 22:51

By John Clark
Several months after filing for bankruptcy, Eastman Kodak Co., the iconic film company, says it has reached a bankruptcy settlement deal, according to a report from Reuters.

Musician Sly Stone Fights With Former Manager in Bankruptcy Court

Submitted by Anonymous (not verified) on Fri, 06/14/2013 - 00:55

By John Clark
A contentious relationship between musician Sly Stone and his former manager, Jerry Goldstein, has grown even more heated thanks to a recent bankruptcy filing, according to a report from the Wall Street Journal.
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Bankrupt Alabama County Agrees to Tentative Deal With Creditors

Submitted by Anonymous (not verified) on Thu, 06/06/2013 - 21:31

By John Clark
Jefferson County, Alabama, the largest municipality to file for bankruptcy in American history, may be able to leave bankruptcy court soon, according to a report from the Wall Street Journal.
Sources indicate that J.P. Morgan Chase, the county’s biggest creditor, has tentatively agreed to a debt reduction deal that would save the county hundreds of millions of dollars.
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Former Arkansas Football Coach John Smith Settles Bankruptcy Case

Submitted by Anonymous (not verified) on Fri, 05/31/2013 - 20:00

By John Clark
Just a few months after creditors accused him of committing bankruptcy fraud, the former head football coach at the University of Arkansas has settled his bankruptcy case, according to a report from Arkansas Business.

Struggling Comedian Sinbad Files for Second Bankruptcy in Four Years

Submitted by Anonymous (not verified) on Fri, 05/24/2013 - 00:14

By John Clark
Struggling comedian Sinbad, who reached the height of his fame in the 1990s, is filing for a second bankruptcy, according to an Associated Press report.
The comedian and actor, whose real name is David Adkins, filed for bankruptcy in 2009, but his case was eventually dismissed, sources say.
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City of Detroit Inches Closer to Landmark Bankruptcy Filing

Submitted by Anonymous (not verified) on Thu, 05/16/2013 - 21:19

By John Clark
A report this week from Detroit’s emergency manager says the downtrodden city is completely broke and may soon have to file for bankruptcy, according to the Associated Press.

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