5 Questions to Ask Yourself Before Filing for Bankruptcy

Debt is a common problem that millions of Americans face each day. Debt can be overwhelming, exhausting, and feel as if it never ends no matter how hard to you try to get above a negative balance. For nearly one million Americans, in 2015, bankruptcy seemed like the only escape, the only way to break free from debt.… [Read more]

Motor City Back on the Upswing

When most of us think of Detroit, we think of its historic nickname: Motor City. There’s over a century of automotive history behind that nickname – automotive history that fostered the American dream and the expanding world of capitalism.

The 20th century saw the rise and gradual decline of one of America’s greatest powerhouse industries. This once-booming staple fell into a deep period of misfortune during the 2008 recession, but it’s finally on the upswing.… [Read more]

Economic Realities: Differences Between Chapter 7 and Chapter 13

Most recent statistics and analyses of the economy point to some good news. As a general rule, the economy is improving overall. But that doesn’t mean families aren’t still struggling to get by and recovering from economic hardships from the last few years. The big picture may be getting a little better, but there’s no doubt many individuals are still struggling.… [Read more]

Largest Municipal Bankruptcy in History: Detroit Filing for Bankruptcy Protection

Detroit’s emergency manager has filed for bankruptcy protection for the city. This makes the Detroit’s filing the largest for a municipality in US history.

In June, the manager released a plan to restructure the city’s debt and its financial obligations that would leave many creditors with much less than they are currently  owed. At that time the manager, Kevyn Orr, warned that if negotiations could not get beyond an impasse he would move quickly to seek bankruptcy protection.… [Read more]

Sociopaths and Sweets: Hostess, the Latest Example of Corporate Greed Run Amok

A sociopath is someone whose behavior is often criminal and who lacks a sense of moral responsibility or social conscience. It is a term most frequently applied to individuals, but one that can easily be used in the context of corporate misbehavior, particularly when management makes decisions based on its own needs without regard for the consequences for its workers or shareholders.… [Read more]