Air America Radio, a radio network that was launched in 2004 was abruptly shut down after experiencing severe financial troubles.  The left leaning radio network, which owned 100 radio outlets nationwide, filed Chapter 7 bankruptcy so that it can be liquidated to repay creditors.

“The very difficult economic environment has had a significant impact on Air America’s business. This past …

Tags: Air America Chapter 7 Bankruptcy Radio

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Have you ever wondered what life would be like in America without our modern bankruptcy system?  Well, unfortunately for the citizens of the Philippines, life without a modern bankruptcy system has proven disastrous.

“The lack of a modern insolvency legislation caused untold damage to our economy. Mere liquidity problems nearly spelled the death knell for businesses. Our vintage 1909 Insolvency Law was simply not responsive to the 21st …

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Parking Co. of America Airports LLC, which is one of the largest domestic off-site airport parking businesses in the United States, has filed Chapter 11 bankruptcy and plans to sell the company after sales were negatively impacted by the battered airline industry.  Parking Co. of America’s Chapter 11 bankruptcy filing listed the company’s assets at $94 million and its debt obligations at $233 million …

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While America has taken quite a beating in this economy, the bankruptcy system has done its job to keep things more stable than not.  What most Americans don’t realize is that Americas’ bankruptcy system is unique and generous to debtors while much of the world lacks a bankruptcy system or if they do have a bankruptcy system, it is inadequate in giving the debtor the type of debt relief that …

Tags: America bankruptcy law Chapter 11 Bankruptcy Chapter 13 Bankruptcy Chapter 7 Bankruptcy

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… you believe it!  Here are three reasons why credit card interest rate and fee caps are good for America:

High interest rates and outrageous credit card fees are keeping the poorest Americans on a debt treadmill that they cannot escape.  The poorest and least educated Americans do not understand the complex financial and legal language used in credit card agreements and become vulnerable to credit cards with high interest rates and expensive fees.  There are …

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According to an article in the Star-Telegram, Bank of America has agreed to pay $7.46 million to over 3,000 Texans who lost their homes in foreclosure because of subprime mortgages issued by Countrywide Financial, which is now owned by Bank of America. Each household will receive approximately $2,330 in restitution as part of the settlement. Just enough money for first and last month’s rent on the rental they will never own no matter how long …

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Bank of America Corp. announced in a letter to the Texas Workforce Commission that there will be 85 job losses at a Dallas call center. The job losses are just one of the many actions Bank of America is taking to streamline its operations and save itself financially and avoid bankruptcy.

As most know, Bank of America has received a sizable bailout fund; but I suspect this fund won’t be used to …

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According to an article in the Star-Telegram, Bank of America reported a $2.39 billion fourth-quarter loss after receiving a $20 billion bailout AGAIN from the Bush Administration.

The article said:

BofA cited rising credit costs, significant write downs and trading losses in its capital markets businesses amid the deepening economic recession. Merrill Lynch posted a loss of $15.31 billion, or $9.62 per share, for the period – …

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… notice according to their union contract. After negotiations and plenty of bad publicity, Bank of America has offered to loan money to the now defunct Republic Doors and Windows so that they can pay the laid off workers severance and holiday pay. Republic Doors and Windows said that they wanted to give the workers more notice including pay; but Bank of America refused to allow them to spend any more money and abruptly cut off their line of credit. The loans still have not been finalized and …

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According to Money.com in December 2008, Bank of America will begin implementing the most aggressive foreclosure prevention effort ever created by any U.S. bank. To help save as many as 400,000 troubled borrowers from foreclosure, Bank of America will cut monthly housing payments to no more than 34% of gross income. There are no prepayment penalties or modification fees for borrowers in the program.

Who May Be Eligible For The Program …

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… crisis threatened to crush banks such as Goldman Sachs, JP Morgan, Morgan Stanley and Bank of America, the American taxpayer and the taxpayers of other countries rushed to their aid with bailouts.  In return, we have seen foreclosures increase, bankruptcies increase and consequently, banker bonuses have increased for “performance” during 2009.  As we have all suspected, the bank’s definition of good performance is radically different from the average American’s definition of …

Tags: American International Group Bailout Bank of America France General Motors Goldman Sachs JPMorgan Chase Kenneth Feinberg Morgan Stanley UK United States

… industry experience. Edwards, for example, worked in a Westin hotel before starting at Bank of America last year.

They want to save money! These banks have taken over $700 billion from the American taxpayer and now they want to save a few pennies hiring individuals who have no previous experience working in the mortgage or banking industry.  How effective will these newcomers be in helping homeowners avoid foreclosure? If we look at how many homeowners have avoided foreclosure via the …

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