Bankruptcy News

Corporate bankruptcies rose sharply in 2024, driven by high interest rates and lingering pandemic-era debt. As many as 686 companies filed for bankruptcy as of Dec. 23, the most for any year since 2010, according to S&P Global Market Intelligence.…

New YorkCNN —  This year was brutal for a number of well-known companies and their bottom lines. As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim…

Collectively, Americans now owe a record $1.17 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances rose by $24 billion in the third quarter of 2024 and are…

For some shoppers, the upcoming holiday season may lead to significant credit card debt. Meanwhile, some people are still paying off debt from last year’s gift buying. In fact, 28% of shoppers who used credit cards have not paid off the presents they…

Almost all of the creditors of failed crypto company FTX will end up profiting from the money they put into the exchange, a federal bankruptcy judge ruled Monday. Nearly two years after FTX spiraled into bankruptcy, a Delaware judge approved the…

A Johnson & Johnson subsidiary filed for bankruptcy for a third time on Friday as the healthcare giant seeks to advance an approximately $8 billion proposed settlement that would end tens of thousands of lawsuits alleging that the company’s baby powder and…

New YorkCNN —  It’s easy to see why many Americans would welcome former President Donald Trump’s proposal to cap credit card interest rates at less than half their current level — even if only temporarily. At $1.14 trillion, Americans’ credit card debt is…

Collectively, Americans now owe a record $1.14 trillion on their credit cards, according to a new report on household debt from the Federal Reserve Bank of New York. Credit card balances rose by $27 billion in the second quarter of 2024, a 5.8%…

Credit card debt is on the rise. Americans now owe a record $1.14 trillion on their credit cards, the Federal Reserve Bank of New York reported Tuesday. The average balance per consumer stands at $6,329, up 4.8% year over year, according to a separate quarterly…

Some of the largest United States banks are bracing themselves for some significant losses coming out of their portfolio of personal loans and credit cards as indicated by their financial reports covering the second quarter of 2024. JPMorgan Chase, one…