Bankruptcy News

The government is facing questions over tens of millions of pounds owed to suppliers who worked on upgrades to three prisons in England. At least 40 companies are believed to be owed the money for work they carried out in…

Credit card debt hit a record high of $930 billion for Americans in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York released on Feb. 11. That’s a $46 billion increase in credit…

Credit card balances are ticking higher in 2025, according to a new quarterly report on household debt from the Federal Reserve Bank of New York. Balances rose by $27 billion in the second quarter to a collective $1.21 trillion — in line with…

Del Monte Foods, the 139-year-old company best known for its canned fruits and vegetables, is filing for bankruptcy protection as U.S. consumers increasingly bypass its products for healthier or cheaper options. Del Monte has secured $912.5 million in debtor-in-possession financing that will allow it to operate normally as…

The Federal Trade Commission alleged that Global Circulation, Inc. (GCI) and its owner, Kenneth Redon III, threatened consumers with jail time, lawsuits, and wage garnishments to pressure them into paying debt they didn’t actually owe. In an amended complaint, the FTC…

Bankruptcy filings rose 13.1 percent during the 12-month period ending March 31, 2025. That is a similar rate of acceleration as in the Dec. 31, 2024, quarterly report, but new bankruptcy cases remain significantly lower than after the 2007-08 Great…

On Jan. 7, 2025, the Consumer Financial Protection Bureau (CFPB) finalized a rule that will ban the inclusion of medical debt on credit reports and prohibit lenders from using medical information in their approval decisions. The CFPB estimates the rule change will…

Commercial Chapter 11 bankruptcy filings rose 20% in March compared to the same month last year, increasing to 733 from 611, according to data from Epiq AACER, a leading provider of U.S. bankruptcy statistics. Total commercial bankruptcy filings also rose…

DETROIT — Nikola Corp. — an auto startup that was once a favorite of Wall Street analysts and retail investors — filed for bankruptcy protection after failing to secure a buyer or raise additional funds to maintain operations. Nikola said Wednesday that…

Collectively, Americans now owe a record $1.21 trillion on their credit cards, according to a new quarterly report on household debt from the Federal Reserve Bank of New York. Credit card balances jumped by $45 billion in the fourth quarter of 2024, driven…