Bankruptcies Reach Nearly 5-Year High

U.S. bankruptcy filings have reached the highest level since 2005, government data released on Tuesday show...

BAD GM: shedding 21,000 more jobs, severing its relationship with 2,600 dealers

But there is GOOD News: The government's new road map for General Motors would briefly send it into bankruptcy, erase most of its debt and eventually have it emerge leaner and stronger - and almost three-quarters owned by the taxpayers...

More Bad News: Bankruptcies rising with vengeance..

The number of U.S. businesses and individuals declaring bankruptcy is rising with a vengeance amid the recession, despite a three-year-old federal law that made it much tougher for Americans to escape their debts, an Associated Press analysis found.

"There's no end in sight," said bankruptcy lawyer Bryan Elliott of Hickory, N.C., who is working seven days a week and scheduling prospective clients a month in advance. "To be doing this well and having this much business, it is depressing. It's not a laugh-a-minute job."

Source: www.apnews.com

Mayor Bloomberg: Job Cuts Needed To Stop New York From Bankruptcy..

Sweeping layoffs of government employees are needed to prevent New York going bankrupt, Mayor Michael Bloomberg said Thursday.

Bloomberg, who is in tense negotiations with municipal workers' unions, said an extra 7,000 jobs would have to go unless major reductions are made in employee benefits..

Source: www.breitbart.com

Bankrupt! 65 Famous People Who Lost It All

Personal finance is all over the news lately what with the economy being in full on meltdown mode. It’s not always just average people who struggle though.

Sometimes people make fortunes only to lose them later, for all sorts of reasons. We’ve compiled a list of 65 famous people who found themselves destitute despite once having been extremely well off...

Source: www.popcrunch.com