bankruptcy

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.

Not So Friendly's: Bankrupt Chain Lays Off 1,260

The 63 restaurants Friendly's closed on Wednesday resulted in about 1,260 layoffs -- more than 12% of the company's 10,300 person workforce. Everyone from managers to dishwashers were told Tuesday evening that the following day would be their last at Friendly's.

Breast Cancer's Financial Toll: Where to Go for Help

A breast cancer diagnosis can be like an earthquake in the life of the patient and her family, but the medical community is there to help guide them. What's often hard to find is a monetary lifeline for those in danger of getting washed away by the financial tidal wave that can follow.

Personal Bankruptcy Filings Fall, but Hold the Applause

In this cloudy economy, we're all constantly hunting through the news and statistics for silver linings. Here's one that looks promising: In the first nine months of 2011, personal bankruptcy filings decreased 10% compared to a year earlier -- but experts say hold the applause.

Breast Cancer's Financial Toll: Your Money or Your Life

Breast cancer is the second most common cancer among American women: 12% will develop it at some point in their lives, and at that point, the health battle begins. But those women often must fight one a second front as well, dealing with the multiple threats cancer poses to their financial well-being.

10 Star Athletes Who Excelled at Losing Millions

We learned last week that former NFL star Chris McAlister, a three-time Pro Bowler, is broke and living with his parents after just a year out of the league. But he's hardly the first sports icon to blow through the cash in a flash. In his honor, here are our 10 favorite professional asset-annihilating athletes.

Hill Harper's 'Wealth Cure' for Owe-verwhelmed

"CSI: NY" actor and author Hill Harper dispenses can't-buy-happiness philosophy in his new book "The Wealth Cure: Putting Money in Its Place." It's a guide that doesn't promise to get you rich quick, but to quickly help your life get richer.

What Government Defaults Mean for Muni Bonds

U.S. municipalities have filed five bankruptcies this year, and -- next week -- Jefferson County, Ala., could make a sixth. Could city and county defaults shake the muni-bond market just as investors are fleeing to it amid stock-market declines?

Alabama County on the Brink of Bankruptcy

Investors and officials in Jefferson County, Ala., are trying to negotiate a deal to avoid bankruptcy by Thursday's deadline. If they're unsuccessful, the county could end up with the largest Chapter 9 filing in U.S. history, which could rattle the $2.9 trillion municipal bond market.

Can't Get Credit? You May Be Living in the Wrong State

Credit is ever so personal, and ultimately it's your responsibility -- but it's not solely about you. Your state's creditworthiness can impact you too. For that reason, CardRatings.com's recently released rankings of the 10 Best and Worst States for Consumer Credit is worth a look-see.

Donald Trump's Legacy: Kids Who Aim to Think Big

Eric Trump started getting a taste of the family business at young age, tagging along with his real estate and hotel tycoon father, Donald Trump. That early immersion set the stage for Eric's involvement with the Trump Organization as an adult, and his desire to follow in his father's footsteps.

Top Reasons Your Bankruptcy Filing May Be Rejected

Whether you've lost your job, are carrying an excessive amount of credit card debt, or have big medical bills and are dealing with mounting debt, you may have considered filing for bankruptcy to get a fresh start with your finances. But here are a few common mistakes that can cause your filing to be rejected.

No Job, No Stuff, No Rapture? How to Rebuild Financially

Many of those who genuinely believed Harold Camping's prediction that the Rapture would arrive Saturday are starting this week with no jobs and no belongings. DailyFinance can't address their spiritual anguish, but we can offer some advice on how they can regain their financial footing.

Is Your Financial Situation Grave? Try Zombie Economics

If you've ever felt like your debts were going to eat you alive, the authors of "Zombie Economics" have some advice for you: Battle for your financial survival with the same methods you'd use to fight off an approaching horde of the shuffling, brain-chomping undead.

After Blockbuster Deal, Dish Is Set to Take on Netflix

Most subscribers to Dish Network probably picked the satellite television provider based on its low cost. But now that Dish has bought the library of one-time movie rental powerhouse Blockbuster, it's poised to compete with the likes of Netflix for the streaming-video market.

Don't Ask, Just Cram: Let Judges Modify Mortgages Again

Regulators want the nation's big banks to reduce what borrowers owe on underwater mortgages, but they're still focused on solutions that rely on banks to voluntarily do the right thing. But we've already seen that won't work, and history shows what will -- giving bankruptcy judges back the right to cram down mortgages.

Embarrassing Money Issues Solved

Whether you're drowning in debt or still owe your parents money, many people have a few money anxieties and embarrassing money issues that they...

The Mortgage Mess Settlement Proposal: Off to an Awful Start

A partial settlement plan has been constructed by a group of state attorneys general and federal regulators. In theory, it addresses banks' flawed mortgage servicing, modification and foreclosure practices. In reality, it just lets the banks off the hook.

Can Your Ex Trash Your Credit Score?

Naomi Allen, a state government employee in Ohio, thought she was doing the "right thing" when her marriage dissolved in 2007. As the more...

Blockbuster Should Liquidate Instead of Reorganize

Blockbuster should liquidate instead of reorganize under new ownership because the video-rental store chain lacks the necessary cash to continue operations after a proposed sale is completed, Home Media Magazine reported, citing a division of the U.S. Justice Department.

Seven Retailers on the Financial Brink

Borders isn't the only retailer hoping for a little financial relief these days. It's been a difficult few years for U.S. retailers and even those...