bankruptcy

Shedding $120,000 in Credit Card Debt Saved Her Life

When Franny Bostick thinks back on where she and her husband Jim were six years ago, with more than $120,000 in debt on 13 credit cards, she shudders. They not only faced financial ruin, but she also was on her way to a potentially catastrophic health crisis. But they turned it around. Here's how.

The Top 10 Most Depressing Student Loan Stories

With total student loan debt long past the $1 billion mark, activists are doing all they can to put as many faces on the crisis as possible. Their mission is simple: To convince Congress student loan debt should be dischargeable through personal bankruptcy.

Economy by the Numbers: Are We Better Off Than We Were in 2008?

This fall, as Americans prepare to mark their ballots, Republicans are hoping that voters' minds will be focused on one (and only one) simple question: Are you better off today than you were four years ago? Unfortunately for the GOP, the answer isn't quite as clear as they'd like.

How 'Everyday Low Prices' Are Costing Americans Their Jobs

As consumers, we welcome Walmart's low prices. But they're doing the U.S. more harm than good. A new research report has found that low prices have actually caused unemployment to rise, and dealt a massive blow to the manufacturing sector.

The 10 Well-Known Brands That Will Disappear in 2013

Each year, 24/7 Wall St. compiles a list of 10 brands it predicts will disappear in the near-term. Their list of those fated to vanish in 2011 proved to be fairly prescient. Which old familiar names may soon be gone? Read on ...

How I Went Bankrupt at 23

For as long as Amanda Chatel could remember, her dad had warned her about the dangers of credit cards. Then she got to college and began ignoring those warnings -- repeatedly.

American Airlines' Flight Out of Bankruptcy Gets Bumpier

American Airlines executives hoping to bring the deficit-riddled carrier out of bankruptcy want to trim about 13,000 jobs. They left their unions' counteroffer sitting on the tarmac. Will the two sides ever be able to meet in the middle?

Allen Iverson Is Broke: What His Errors Can Teach Us

Former NBA superstar Allen Iverson earned $154 million from his Sixers salary alone during his career. Now, he owes more than he can pay. How did it happen, and what lessons can his fiscal foul-ups teach to the rest of us. The answers are distressingly simple.

Broke Stars: 11 Celebrities Who Went Bankrupt

Gary Busey joined the ranks of the insolvent last week, filing for bankruptcy with debts that far outweigh his assets. But he's by no means unique: There's a whole subset of celebrities practically defined by their inability to live within their enormous means. Check out our gallery of fiscally fallen stars.

What Are the Best Value Colleges? Rob Franek Tells All

College costs are rising, student loan debt is nearing $1 trillion, and money is still tight everywhere. So if you're a parents or a soon-to-matriculate student, you'll want to hear what the Princeton Review's Rob Franek has to say about the best value colleges of 2012.

Readers' Tips for Financial Revival, Part 1: Smart Saving

A few weeks ago, we asked DailyFinance readers for their best tips for putting your financial house in order. Many were quick to note that the foundation of financial security lies in being ready when disaster hits. Here are some of their best suggestions for planning for those rainy days.

9 Big Companies That Will Disappear in 2012

As surprising as it may seem to many of us when large corporations with familiar brands vanish suddenly from the scene, it happens. Major companies like Saab, Borders, and Countrywide -- just to same a recent few -- are now history. Who's next? Read on ...

Son of a 'Kodak Man' Recalls the Good Times and Bad

Once, Kodak was one of the world's most recognized brands -- it's little yellow film boxes were everywhere. Now the the film is a relic, and the company that benignly ruled Rochester, N.Y., for a century is in Chapter 11. A Kodak kid reminisces:

Eastman Kodak: This Stock Is Probably Going to Zero

In the wake of Eastman Kodak's bankruptcy filing, some speculators will be tempted in the coming days to nibble on the company's battered shares. But if you know what's good for your portfolio, you'll stay away.

Kodak Files for Chapter 11 Bankruptcy

Photography icon Eastman Kodak has filed for bankruptcy, as it seeks to boost its cash position and stay in business. The move comes as the ailing company has failed to find a buyer for its multibillion-dollar trove of digital imaging patents.

How Safe Are Your Frequent Flier Miles?

If you're a fan of frequent flier miles, and the carrier you fly most goes bust, what should you do? Stick with the airline, or make a change? And what about your points? Are they still worth anything? Don't worry, American Airlines loyalists -- the answers aren't as dismal as you might expect.

5 Big Retail Chains That Will Be Gone in 5 Years

Recently, we've bidden farewell to Borders, Circuit City and Linens 'n Things. Here are five more once-thriving chains that are probably doomed thanks to lousy management or just being in the wrong business at the wrong time.

Is Sears Headed for Bankruptcy?

Shares of Sears Holdings fell 27% Tuesday on news that the retailer would close as many as 120 poorly performing Sears and Kmart stores -- an unusually harsh response to a cost-cutting measure. Clearly, investors are concerned that the problems run much deeper -- and they're right to worry.

American Airlines Bankruptcy: How It Will Affect You

Flying during the holidays is a harrowing experience at best, and on Tuesday, American Airlines' customers got another thing to worry about when it filed for Chapter 11 bankruptcy. As the airline prepares to massively restructure itself, will its customers be left at the gate?

Poor Sick People: U.S. Offers Raw Deal for the Unhealthy

If you're very sick and not very wealthy in America, your best move may be to flee the country -- because you'd be better off in any other first world nation. Otherwise, expect to pay through the nose and possibly wind up deep in debt, according to a new report from The Commonwealth Fund.

Are Wall Streeters Just Like Us? One Trader Tells All

Wall Street trader Jared Dillian was an outsider whose hard work won him entry to the storied investment bank Lehman Brothers. But as his gripping and admirably candid memoir, "Street Freak," shows, even when you walk among the financial giants, you hit the ground hard when you fall.

Decades Later, Student Loan Default Still Haunts Her

President Obama recently announced a plan to provide relief to student loan borrowers, but for the millions already in default on such loans, that help comes too late. Failure to repay those loans can wreck your finances permanently. Casey Zimmerman Thompson is a cautionary tale: More than two decades ago, she borrowed just $7,100.

Lehman Brothers' First Share Sells for $33,000

While creditors continue to fight over the nearly valueless crumbs of Lehman Brothers, one tiny piece of the investment bank just demonstrated close to a 66,000% return on investment -- as a collectors item: A 50-cent share in the bank was sold at auction Saturday for 24,000 euros -- about $33,000.