A Texas judge ruled that State Farm Insurance must repay $310 million in premiums and back interest to Texas customers for overcharging them on homeowner policies. The ruling will affect State Farm Lloyds residential policies between September 2003 and July 2008.
The refund is far less than the $1 billion that consumer advocates wanted, prompting one, [...]

Businesses not subject to means test
After announcing an influx of loans and financial support from various sources, including a $1 billion loan from Carl Icahn, CIT Group has officially filed for bankruptcy protection.  They are seeking protection under Chapter 11 bankruptcy which is designed for reorganization, not complete discharge of all debts.  In order to [...]

According to the Star-Telegram, the small business credit card lender Advanta Corp. has filed for Chapter 11 bankruptcy protection.  The bankruptcy filing comes five months after the company announced that it was shutting down its credit card lending business in an effort to preserve cash as its loan losses increased.
The article said:
“[Advanta Corp.] said it [...]

According to an article in the Star-Telegram, workers have rejected contract changes that would have allowed Ford Motor Co. to cut labor costs and remain competitive with Chrysler and GM, both of which recently emerged from bankruptcy.
The article said:
“Ford sought the deal to bring its labor costs in line with Chrysler Group LLC. and General [...]

According to an article in the Star-Telegram, CIT Group’s Chapter 11 bankruptcy is a source of angst for the nation’s small and mid-sized retailers, many of whom rely on the lender for credit. CIT Group insists that its bankruptcy will not cause disruptions for the already instable retail industry which has watched revenues drop since [...]

According to an article in the Star-Telegram, a federal bankruptcy judge approved the sale of the historic Ridglea Theater to FixFunding through a process called “deed in lieu of foreclosure.” Using the “deed in lieu of foreclosure” process will allow the debtor to return the property to the lender, avoid foreclosure and escape the loan [...]

Have you noticed the commercial centers near you growing a little quieter lately?  If so, you’re not alone.  Commercial real estate nationwide has taken a beating that has many experts fearing the worse.  Vacancy rates have soared while rents have hit rock bottom. And many property owners are struggling to avoid foreclosure. Some have even [...]

After filing Chapter 11 bankruptcy on Sunday, CIT Group is hoping that it will fair better than previous financial companies who have filed bankruptcy.  According to an article in the Star-Telegram, most financial companies who file for bankruptcy are usually liquidated or sold.
The article said:
“But the real test will come from CIT customers, who could [...]

According to an article in the Business Journal, Super 88 LLC, an operator of Asian supermarkets filed for Chapter 11 bankruptcy on Monday after a deal to sell the chain was derailed by two other parties claiming to have deals to buy individual stores. Because the deal to sale the company did not go forward, [...]

According to an article in the Star-Telegram, FairPoint Communications filed for Chapter 11 bankruptcy protection Monday after agreeing to a debt reduction deal with its creditors that will lower its debt by 62 percent.  FairPoint, owns and operates phone companies in 18 states with a total of 1.65 million lines. The company has been struggling [...]

If your employer files for bankruptcy your retirement plan could be at risk.  Here’s what you need to know:

If your employer files Chapter 7 bankruptcy, which is a total liquidation, your pension plan will be automatically terminated.
Pension plans which are terminated in Chapter 7 [...]

According to an article in the Star-Telegram, the Erickson Retirement Communities have filed for Chapter 11 bankruptcy and has agreed to be purchased by Redwood Capital Investments LLC.
The article said:
“Erickson spokesman Mel Tansill says the bankruptcy filing in Dallas and the agreement with Redwood took place on Monday. He says Erickson must restructure its debt [...]