“It’s not the end of the world,” says Dunbar. “Bankruptcy protection is there because circumstances out of your control happen and you need to protect your income and assets. This is a circumstance that you’re managing and mitigating, and once it’s over, you can start fresh.” ...
Enron Europe was the first domino, filing for bankruptcy after close of business on Nov. 30. The rest of Enron followed suit on Dec. 2.Early the following year, Enron dismissed Arthur Andersen as itsauditor, citing that the auditor had yielded advice to shred evidence and destroy documents. ...
By contrast, filing forpersonalbankruptcy is a different matter. On the absolute, most basic level, people file for bankruptcy when their debts far exceed their liquid assets.That might happenas a result of being unemployed,having incurred massive medical debtor taken on a lot of consumer debt,...
But by this sleight-of-hand, the public takes on more risk. Much of the money we originally gave Wall Street took the form of senior debt. We were preferred creditors, meaning that in the event of bankruptcy (or some form of it) we’d get repaid first. But as shareholders, we’d g...
Bank failures generally happen to very few banks, though there can be spikes during and after a recession. Since 2001, there have been 566 bank failures, the majority occurring as a result of the 2007-2009 recession. For reference, there are roughly 4,600 FDIC-insured banks, as of November...
Discovering what debts the court can and cannot wipe out when you file for bankruptcy may surprise you. Read on to find out how this would affect you.
Although a personal loan has many advantages, defaulting on a loan can seriously affect your life goals. Discover what will happen if you don't repay your loan with a personal loan repayment period.
Bank runs happen when a large number of people start making withdrawals from a bank because they fear the institution will run out of money. A bank run is typically the result of panic rather than trueinsolvency. However, a bank run triggered by fear can push a bank into bankruptcy.1 ...
At that point, anything can happen. Your family may decide to sell it all, or your partner may take your share without leaving a trust fund or financial security for your family. Your bank could even step in and claim assets or push for bankruptcy. ...
What will happen after an outside director left a firm surprisingly, according to the researchers A. The firm will have to file for bankruptcy very soon. B. The outside director’s reputation will be mined completely. C. The firm is likely to do less well in the stock market. D. ...