BANKRUPTCY PREDICTION
Here are some concise points for our Financial Learning Corner.
Will the company fail?
Some key indicators you can use in predicting corporate bankruptcy are:
Cash flow from operations to total liabilities
Net income to total assets
Total liabilities to total assets
Quick ratio
Current ratio
Operating income to total assets
Interest coverage (in
The Wall Street Journal Reports that Citigroup, having taken billions of bailout dollars, may be ready to lead a 180-degree turnaround in lenders’ objections to letting bankruptcy judges do mortgage “cram downs.” If these negotiations with the Senate come to pass as predicted, bankruptcy courts will be allowed to reduce both the principle and the [...]
The Atlantic asked this question in its current edition (Hat tip: Newsbusters).
If its print edition goes belly up, that'll be a start for the demise of awful papers like them. Good riddance.
✖ The Bad News:
Just seven months after opening her first store in the United States, Kira Plastinina, the 16 year old Russian clothing designer, favorite of Paris Hilton and others, resorts to filing for Bankruptcy. Almost all of the 12 stores that were opened will be forced to shut their doors. Their reported debt exceeds $40million dollars. Kira's 70+ stores in Russia will be unaffected by
We begin with the creation of the automatic stay. The stay is automatically created at the time of bankruptcy filing.
The automatic stay is actually a unique feature. If a creditor attempts to collect from the debtor in any way after the bankruptcy was filed and the automatic stay was enacted, the court can undo creditor’s [...]
Big Three Automakers BankruptcyImage Of President BushWASHINGTON (New York) - It's been a bumpy road for Detroit's Big three automakers for the past few years. But it may get worse. Some experts fear that Ford, GM and Chrysler sales pluging as fewer consumers buy gas-guzzling pickups and SUVs. It could be forced to head for bankruptcy.The White House said Financial bailout is considering a so-call
According to Court Records and an article in The San Francisco Chronicle Sonia Alburez, 37 of Livermore, CA has been indicted with 4 counts of Bankruptcy fraud in the US District Court, Oakland.
Prosecutors allege that in order to attract people to her scheme Alburez mailed ads to homeowners who were delinquent in their mortgage payments and were close to foreclosure. She claimed that her company,
With the current economic crisis spreading worldwide, many individuals are forced to seek new ways to save businesses, homes and other property. Not that long ago, the word ‘bankruptcy’ was something feared more than death and it was avoided at all costs. Nowadays, however, many resort to bankruptcy lawyers in order to be able to [...]
Bankruptcy is a dreaded word for any individual, company, an organization, or a business. It means that one is no longer able to pay the debts or even function in the normal fashion the way it used to before filing for bankruptcy. When a petition for bankruptcy is filed it means that the petitioner wants [...]
(USCOURTS) Dec 15, 2008 — Bankruptcy cases filed in federal courts totaled 1,042,993 for the 12-month period ending September 30, 2008, up more than 30 percent when compared to the 801,269 filings in Fiscal Year 2007, according to statistics released today by the Administrative Office of the U.S. Courts. The September 2008 filings are the highest of any 12-month period since the 2006 implementat
A bankruptcy judge says KB Toys can use its existing cash management system and continue to pay employees as it prepares for going-out-of-business sales.
Hendersonville builder Murdock Construction Co. Inc. and Nolensville-based Alliance Landscaping LLC have each asked for bankruptcy protection in filings this week in Nashville.
The New York Post takes a look at the New York firm’s bad bet on retailers, including Goody’s Family Clothing , a Tennessee chain that spent four months in Chapter 11 bankruptcy protection earlier this year.
Reader Question: I filed chapter 7 bankruptcy and it was discharged over a year ago. Since filing, in order to improve my credit, I have a low-limit credit card, an auto loan, and a student loan, all of which have been paid on time for over a year, they are reporting to the credit bureaus as such. However, my FICO scores are not improving. I'm hoping to be able to purchase a home within the next
Neonode today announced that, on December 9, 2008, its Swedish subsidiary, Neonode AB, filed a petition for bankruptcy in compliance with the Swedish Bankruptcy Act (1987:672). According to Per Bystedt, CEO and Chairman of Neonode, Inc., “For the past six months we have focused on turning the business around and solving the financial situation of [...]
Based on several news reports, The Tribune company, which went private about a year ago, filed for Chapter 11. The firm's total debt is about $12 billion. Read...
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Reader Question: We filed bankruptcy, it has been discharged, now we want to buy a house. But our credit scores are low. We don't owe anybody. How can we improve our credit scores?It sounds like you filed a Chapter 13 bankruptcy, which includes debt repayment. That type of filing can stay on your credit report for up to 10 years, but it has to come off after that. The Fair Credit Reporting Act lim
Frustrated with your mounting credit card debt? Thinking about filing for bankruptcy? Hold that thought!Realize Your Problem EarlySo, you have a problem, don't you? Don't be afraid. You're not alone. Every year, millions of Americans and people all over the world realize they are suffering from an overwhelming amount of credit card debt.They stress over it, worry about it and wonder how they can e
A famous author was once asked how he went bankrupt, his answer was “I went bankrupt slowly and then all of a sudden.”
This is such a great insightful statement about bankruptcy. Typically it is not a process that happens in an instant. It is often preceded by a longer period of time punctuated with events [...]
Artes Medical, the maker of the permanent wrinkle filler ArteFill has formally announced that it is filing for bankruptcy. The company is liquidating all of its assets and stopping distribution of ArteFill dermal fillers which means more doctors will need to turn to alternative injectables for various cosmetic procedures.
ArteFill was the first FDA-approved permanent filler [...]
General Motors Corp and Chrysler LLC are considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multi billion dollar government bailout, Bloomberg reported, citing a person familiar with internal discussions.
In response to automakers’ bailout plea, staff for three members of Congress have asked restructuring experts if a pre-arranged bankruptcy - negotiated wi
Reuters - General Motors Corp and Chrysler LLC are considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multi billion dollar government bailout, Bloomberg reported, citing a person familiar with internal discussions.In response to automakers' bailout plea, staff for three members of Congress have asked restructuring experts if a pre-arranged bankruptcy -- negotiate
Pacific Paintball and its subsidiaries will be filing proceedings under the United States Bankruptcy Code to effect a liquidation of their respective assets and business operations. The affairs and assets of Pacific Paintball LLC, NPPL LLC, XPSL LLC, PB2X LLC, Xtreme Paintball Fields LLC and Camp Pendleton Paintball LLC will be administered by a court [...]
High Risk Personal Loans Presents:
Personal Loans After Bankruptcy
By the way, you can arrange the cash from your relatives, family members, friends and other financial aid as traditional banks or private lenders easily when you have excellent credit score and by giving statements of any person. But being bankruptcy, all the sources of begetting money are blocked. After that some precedents
IVA Advice, no need to apply for bankruptcy.IVA is a life saver for many people who are almost bankrupt or already declared bankrupt. It is a counter measure to bring people out of debt while allowing creditors to gain more from the debtor as opposed to bankrupcy.IVA stands for Individual Voluntary Arrangements and it is used in UK through contractual repayment arrangement with creditors for debto
The information superhighway—or what we commonly know as the Internet—is built as a network of reliable information resources. With the Internet used in conjunction with computer system applications, the transmission of useful information is faster, more accurate, and such information can be accessed by almost anybody who needs such information for their personal use and other purposes it may
If a third bankruptcy is declared, you stated it would take longer and court appearance would be unpleasant….would a personal appearance at court be mandatory?
Posted from: British Columbia
Lisa wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]
Lisa wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to [...]
Hi, I`m a single mom and have been separated for 2 years. My issue is that my ex wants to file bankruptcy with his common law girlfriend. How will this affect me?? We are not legally divorced. He does pay half of the car loan(I have the car) and we had a furniture credit card [...]
I have declared bankruptcy twice in my life
(Two divorces)
I was discharged from the last one just over 2 years ago and am in debt again.
Can I file again?
Thank you
Posted from: Ontario
The field of bankruptcy law has exploded in recent years, even though the process of filing for bankruptcy really only involves filling out a few forms. Misconceptions, frightening news articles, and misleading advertisements put out by many of the firms now specializing solely in bankruptcy law have convinced the average consumer that they absolutely must hire an expensive attorney in order to ge
As applying for loans, credit cards and other forms of credit are easier to come by, so are the bankruptcy rates in the United States. In a ten year period, between 1994 and 2004, bankruptcy rates in the United States nearly doubled. The government’s reaction was to take a closer look at reasons parties were filing for bankruptcy, new laws were instated to ensure that individuals and businesses
Before rushing to a lawyer to assist you in filing for bankruptcy, you have to make sure what is bankruptcy and what is not. Only then will you have to find a bankruptcy lawyer that you can work with in filing your case. Many people rush to file for bankruptcy thinking that it will solve their financial problems. The opposite is often true.Declaring your business to be legally bankrupt, only mean
My ex-husband owes me money. I am listed as one of his creditors in his bankruptcy statement. He has one employer listed, however, I am aware that he is working at another place of employment, either as his sole employer or as an additional employer. I brought this to the attention of [...]
The long wait for financial assistance for General Motors seems to be forcing the car manufacturing giant to consider the worst case solution, bankruptcy as continuous decline in sales has left them with no viable alternative. Although GM chief executive Rick Wagoner has pointed to it as a non-viable alternative, it seems like such an [...]
hi :
i just discharged on July 1, 2008 and been looking for jobs. but alot of them need credit check..do all the bank check credit before hiring the person? thanks. R
Posted from: Ontario
"Bankruptcy Loan Process and Faq’s"
Borrowers, who have accumulated too many debts, find it difficult to clear the outstanding debts. The impending debts over a period of time create debt problems. When the situation gets worse, such borrowers find it extremely difficult to avail loans. The constant pressure to payback the loan creates financial problems.
Opting for bankruptcy may seem as the
Hi, I declared bankruptcy in year 2004 and was discharged in 2005. It has been 7 years since I have been out of school, so am I able to get my student loan included in my previous bankruptcy?
Posted from: British Columbia
From Seattle PI:Within two weeks, $958 million of the company's debt will mature. Next year, an additional $3.07 billion in debt is due. General Growth is working with its lenders to extend loan maturity dates, refinance or sell assets.However, weak retail spending has hurt the company's prospects of refinancing the debt. If General Growth cannot find a solution in time, it will have to file for b
General Growth Properties (GGP) is the 2nd largest mall owner in the United States. General Growth Properties owns over 200 malls and shopping centers throughout the country. I first noticed General Growth because they own a lot of malls that I frequently visit. Malls such as White Marsh Mall, Owings Mills Malls, Towson Town Center and [...]
I am filing bankruptcy for my business which is in my name only will this effect my husbands credit and can they come after our personal assets such as house cars?
Posted from: Manitoba
I support my old mother and widowed sister who live in another country by sending them $3000 a year. I now have to declare bankruptcy due to marriage breakdown resulting in financial problems. I was wondering how my support payments to my mother and sister be viewed in bankruptcy? Will I be able to [...]
Further to my question posted on November 17, my ex-husband already sold the car privately but not for enough to have the lein taken off the loan. Can the car still be repossessed?
Posted from: Newfoundland and Labrador
As bankruptcy is one of the most important financial decisions a business or individual will ever make, it is essential to have correct bankruptcy information before getting starting with the process.Finding yourself in a difficult financial situation can be scary. Facing the possibility of dealing with bankruptcy can be even scarier, especially since most individuals or businesses don’t spend t
The chorus for an auto industry bailout is building, and the Senate took up the issue of a $25 billion emergency loan for automakers, to be paid for out of the $700 billion economic rescue package....
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My ex-husband filed for bankruptcy and left me with the car loan. He had signed a separation agreement to make payments to me, but because it`s not support/maintenance, this debt will be discharged. He lied on his bankruptcy statement, however his trustee refuses to investigate this and is taking him at his word. [...]
do i have to again reside in canada to claim bankruptcy?
i am a united states citizen who was a resident of canada. i am no longer living where i should claim personal bankruptcy in ontario.
Posted from: Ontario
One of the most important, but dividing, issues currently facing America and Congress, as the economy continues to crumble, is the need or not for a US automakers bailout. The US owned automakers directly or indirectly touch most of us and their future is considered vital to the nation’s economic recovery. Here is a look at the pros and cons of bailing out Detroit's car makers (formerly known a
This week is expected to bring a heated and fierce exchange in Washington, seemingly pitting Democrats against Republicans in one last gasp of the lame duck Congress.
The $25 billion automaker bailout bill will be presented on the Senate floor tomorrow morning. Today on the talk show circuit many Republicans were dooming it to failure. [...]
Related posts:Obama May Help GM, and CEO Says Bankr
If General Motors really does run out of money by the end of the year, as it predicted was possible, the impact would be felt far and wide - to hundreds of suppliers, rival automakers and ultimately dealers across the nation.
“Once the first domino falls, it rapidly takes out all the other dominoes,” said Dennis Virag, president of the Automotive Consulting Group.
Suppliers would be am
While living abroad I incurred credit card and line of credit debt. I am living back in BC now and considering bankruptcy for debts here and overseas. can I claim bankruptcy for debt in another country or if i file in Canada will that include foreign debt?
Posted from: British Columbia
How much does voluntarily banning or excluding oneself from casinos in the province of residence come into play when a discharge hearing is held in court?
Posted from: Ontario
Where does it end? Honestly, where do
we draw the line? I have come to terms with not being a bank
holding company, thereby being denied a bite of the $700 billion
bailout. I can live with that. Like most Americans, including every
small business owner I know, I can live with having to stand on my
own two feet. I can live with being responsible for my decisions and
my actions a
I owe in excess of $50,000 dollars in Student Loans - to 3 different agencies (my provincial and federal loans were split amongst 3 groups).
This is after being discharged from a bankruptcy in 2004.
The minimum monthly payments, collectively are almost $1900 and far exceed my ability to pay and I barely cover interest while the [...]
From the Oregonian:Public records show that Pollock, 47, and his affiliated companies face a growing list of mortgage defaults, past-due construction bills and unpaid homeowners dues.Buena Vista's new stone-fronted headquarters in downtown Lake Oswego sits unfinished with plywood covering parts of the building. Banner Bank of Walla Walla says Pollock's company, Pollock Commercial Holdings LLC, has
Would A GM Bankruptcy Help Anyone Involved?A few days ago I wrote that if I ever got into severe financial trouble due to my own financial mismanagement, my inability to manage my people effectively, my inability to recognize the changing environment and the types of products that I should be selling or because of any other factors that may or may not be within my control, I would like the same la
I CLAIMED BANKRUPTCY IN 2006 , I HAVE RECEIVED NOTICE THAT I OWN 45000 IN STUDENT LOANS. I AM NOW PAST THE 7 YEAR MARK SHOULD I CLAIM BANKRUPTCY AGAIN. MY FINANCIAL SITUATION HAS NOT CHANGED.
Posted from: Ontario
My son is in credit card debts for 23,000, he is not working and his not in Social Assistance, also he is not my dependent before the law.
Could he filed for bankruptcy, if is not which are the penalties for not pay to those credits. He should go soon to live in [...]
Citigroup, one of the four largest US banks holding mortgages right now has plans to try to stop the foreclosures of it's customers and help half a million of the homeowners not yet behind stay that way.
Citi plans to reach out to 500,000 homeowners who are not currently behind on their mortgage payments, but who are deemed as potentially needing assistance to keep current with their payments.
In a move not terribly shocking after last week’s 100+ store closings, Circuit City has filed for Chapter 11 Bankruptcy.
Circuit City started life in 1949 as the Wards Company, founded by Samuel S. Wurtzel. It changed it’s name officially to Circuit City in 1984 and went nationwide with a chain of warehouse-styled stores, selling electronic [...]
I have about $90000 in credit card debt mostly cash advance which I lost in the stock market. The only assest I have is a van worth less than $5000. I am employed and make net about $2500 pm.
I am planning to file for bankruptcy, but scared that I will be denied the bankruptcy bankruptcy [...]
Circuit City which is the US 2 retail electronic shop has filed for bankruptcy protection , They cant even wait until the holiday season sale and they cant withstand the heat of the lenders and the retailers spending has also come down they cant manage the business , already we know they said they are [...]
Many people loss job for the past months. And now Circuit City filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a reorganization plan. Its Canadian operations also filed for similar protection.They decided to file for bankruptcy protection because it was facing pressure from vendors who threatened to withhold product
Circuit City Stores Inc., the nations second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday shopping season approaches.It filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a reorganization plan.The Richmond, Va.-based company has been str
By Karla FiscusDo you KNOW what is on your credit report? Even if you have just filed bankruptcy it is EXTREMELY important that you KNOW how it is reported on your credit report. It is NOT the credit reporting agencies responsibility to make sure that your credit report is accurate. It is YOURS, and only you can make sure that it is.After receiving your bankruptcy discharge papers the first thing
I think we’ve been reading too much Robert Kiyosaki and listening to too many Dolf de Roos audio CD’s. Ever since then (which was probably close to 2 years ago by now) we have wanted to start real estate investing to build passive income to fulfill our dream of long-term travel, as mentioned on my [...]
In 2004 I had made a proposal to the creditors and was accepted, but 9 months ago I missed a few payments and my proposal was cancelled. I tried for a second proposal and one of the creditors did not accept. At this point I have no other choice but to do personal bunkruptcy. ** [...]
I started a LTD company11 months ago. I took a loan from the bank to purchase equipment. I signed a personal guarantee for 25% of the loan. I had the equipment but was unsuccessful in marketing. So far, I have been paying only interest on the loan but after a month, I`ll start paying principle [...]
To make your foreclosure loan stop the process, you may want to think about filing for bankruptcy. This may not seem like the best option for everyone, and it is not. But, what it can do is freeze the process so that there is more opportunity for you to do better in the future. Consider [...]
I found out earlier today (by accident) that my brother filed for bankruptcy. I had been told in the past that if a family member claims bankruptcy that the creditor can go to the family members in order to pay off their debts.
Can anyone come after me and my husband in order to pay [...]
Filling out bankruptcy forms can be one of the most difficult parts about filing for bankruptcy, although these forms are a necessary evil to complete the legal process. Unfortunately these legalities can add major emotional stress to an already difficult situation. Especially if you have decided to go about filing on your own, without the help of a lawyer or financial service company, you may fin
I am sponsoring a foreign nanny, the application is close to being finalized but I am to file bankruptcy in a month, will this affect the sponsorship?
Posted from: Alberta
Another store bites the dust. It’s been just a few months since Boscov’s closed a few stores in the Baltimore area. Now all 94 Tweeter stores will be closing in the U.S., including seven in Maryland. The seven stores that will be closing are located in Bel Air, Bowie, Columbia, Glen Burnie, Owings Mills, Rockville, [...]
FALLEN football hero, Paul Gascoigne, is facing bankruptcy if he doesn't pay £200,000 to the taxman within the next nine weeks. The 41-year-old former Tottenham, Newcastle and England star midfielder was given a stay of execution at London Bankruptcy...
What is the difference with your credit rating when you do a consumer proposal as oppossed to a bankrupcty? Typically it takes 7 years for your name to be cleared after bankruptcy, but what about a consumer proposal. Can I still have credit cards or line of credit after a consumer proposal?
Posted from: Ontario
Mobilty Company suspended our service after receiving notification of Bankruptcy, demanded $ 500.00 deposit (their right) even though we were 20 year customers.
As we didn`t have the $ 500.00 they charged us $ 795.00 cancellation fee, saying we broke the contract. No written notice of service suspension. Say charge was put on after [...]
It seems that over the past few weeks a heated bidding war has been going on between the movie studios for a hot new property, and today it came out that that Universal have ended up on top with the rights to the adaptation. Sounds fairly standard, right? The only issues are that the property in question is a video game, and the video game hasn’t even been announced yet!
From Slashfilm:
The
My company, a limited company, has been defunct for almost 4 years now. There is an outstanding business credit debt of approx 35,000.00. I have been making the interest only payments on this out of my own pocket and find I can not continue this. There is no hope of ever getting this paid off. [...]
I have a small company and an acreage . If I sell the company then there would enough collateral in our acreage that I would be eligible for the $40,000 mortgage exemption. What if it takes say 6 months into the bankrupsy for the company to sell. Would we still be eligible for [...]
i want to be a director of a non-profit corporation…can i do that if i just filed for personal bankruptcy last week and am not yet discharged?
Posted from: Ontario
my divorce has left me struggling to keep my head above water. my line of credit and credit card is maxed. i used them to pay legal costs. and became unemployed so it helped me to live and pay bills until i found employement. i am embarrassed to even consider bankruptcy. but as the days [...]
I am married and we have one child (2 year old) and I got debt ($150,000) doing small business
We have joint mortgage will I lose the house if I file of bankruptcy or consumer proposal and what is the best option?
I am also staring new job with crown cooperation/government will I lose the job if [...]
Bankruptcy and debt consolidation can both remove your debt. But each will have different effects on your credit score and future financial choices. Before choosing between bankruptcy and debt consolidation, educate yourself on the advantages and disadvantages of each.The Advantages Of BankruptcyFiling bankruptcy will grant you immediate but only temporary relief with the automatic stay. Debt coll
Being a Senior, hat, if any,difference is there?
Also,I was told, and read on a site, can`t remember which one, that it may not be a good idea for Seniors to go Bankrupt.
If Bankruptcy is the option, are you required to surrender all credit cards etc.
Any information would be most helpful.
Thank You……………….smc
Posted from: Nova Scotia
when someone declare bankruptcy how long does it take before it is made public knowledge… when will it show up when I do a Bankruptcy search?
Posted from: Ontario
When it comes to finances, bankruptcy is definitely one of the most difficult problems that one can face. Nevertheless, this doesnt mean that its a hopeless situation. As soon as youve been discharged, you can take action to rebuild your credit right away.
My husband has to file for bankruptcy because of a judgement against him for $90,000. which he cannot pay. He only is filing, I am not. We have been told that he will have to pay surplus based on our incomes, which will change monthly. If my income is twice his, which [...]
