The developers of Star Tower in downtown Orlando, Florida, have filed for Chapter 7 bankruptcy protection.
Court papers show that well-known R&B singer Toni Braxton has escaped some of her debt as she faces a Chapter 7 bankruptcy case.
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.
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.
Filing for bankruptcy is a debt relief tool that many Americans have used and will continue to use in order to discharge or reorganize unmanageable and costly debt. And while there is absolutely no shame in filing for any type of bankruptcy, it is important that the filer discloses all financial information, as those who fail to accurately fill out all of the paperwork could end up facing fraud charges in federal court.
A Florida couple that owns a blind and shade business has filed for Chapter 7 bankruptcy claiming $2.125 million in debts and just $788,383 in assets. And, even though the filing is in their name, most of the debts are reportedly business related.
When looking at last month as compared to June of 2010 there was a 5 percent decrease in the overall number of personal bankruptcies filed. As of now many analysts are reporting this trend to actually be in the opposite direction of earlier predictions, and has some viewing this decrease as representing an upturn in the economy that had been down for a number of years.
Patricia Kluge, a former socialite and entertainer to the rich and famous, has entered into Chapter 7 bankruptcy with her husband William Moses. And while the couple declined to comment on the exact details of the filing, it is known that the two had some business ventures that did not work out.
Even though the number of bankruptcy filings for the U.S. Bankruptcy Court Middle District of Florida is reportedly decreasing, experts are saying that the tough financial times are far from over, and that many will continue to struggle.
A sputtering economy like the current one hits every market sector, but entertainment ventures may especially be feeling the pinch as cost-conscious consumers trim entertainment expenses from their budgets.