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August 2011 Archives

Ice cream company files for Chapter 7 bankruptcy

Citing a drop in sales and rising prices in the industry, an ice cream company that was in business for close to 80 years shut its doors and filed for a liquidation bankruptcy. The business had originally stopped all operations on June 30, but then filed for Chapter 7 bankruptcy on Monday.

Florida couple almost lost modification for paying early

A Florida couple recently learned that their home was going to be foreclosed on because they had made their reduced mortgage payment early by one week back in December. And while Bank of America has since reversed this decision, the entire case goes to show that without any help the mortgage modification process can be somewhat confusing.

Burt Reynolds reportedly in debt, may lose Florida home

It appears that the "Smokey and the Bandit" star, Burt Reynolds, has fallen into financial hard times, with some speculating that he may end up having to file for bankruptcy in order to get out of debt. For the 75-year-old movie star, if he does file for bankruptcy, it will be his second time, as he once filed for Chapter 11 bankruptcy in 1996.

Jobs cut when business files for bankruptcy

Quite often we report on businesses that have either completely liquidated, or those that have filed for a reorganization bankruptcy. And while a good number of those bankruptcies reflect the hard economic environment many business owners are now faced with, this same environment also tends to impact those workers employed by bankrupt businesses who find themselves in debt after being laid off.

More students may end up seeking debt relief solutions

As if the cost of college isn't already expensive enough, it seems that some students who are in graduate programs might end up even taking on more student loan debt if they want to complete their studies. In the future, this could also result in more and more students exploring debt relief solutions as soon as they graduate.

Incentive management business files for bankruptcy after 25 years

After having more than $4 million in liabilities than assets, a company that catered toward meeting management and group incentives has filed for bankruptcy. The company, which specializes in performance incentive management, has been in operation for 25 years.

Consolidation just one of many debt relief tools

Times are tough right now. Many people have found themselves trapped beneath a large amount of debt. And while for some people this debt accrued due to spending habits, for many others it's a reflection of job loss and maybe an unexpected medical emergency. However, regardless of how the debt is there, with due diligence it is possible to take hold of the situation.

Unsolicited mortgage modifications: What's the catch?

Homeowners across the country have recently started to receive offers for loan modifications from banks without even having to ask. And while this may be a good choice for the person who knows in the future there may be financial problems, these unsolicited offers have many people wondering what's the catch, and is it a good idea to accept?

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