… more profitable operation. Unfortunately for Pilgrim’s workers, that process may include a post-bankruptcy wave of job losses.

But despite the job losses, Pilgrim’s Pride should probably consider itself lucky to survive because when they first filed Chapter 11 bankruptcy, they were unable to find any major U.S. banks to fund its bankruptcy restructuring. This is why they are now merging with the Brazilian beef processor who purchased a majority share in the company during …

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… once their debt has been discharged and their bankruptcy case closed?  Below are four tips every post bankruptcy debtor should follow if they want to start their fresh start out on the right foot.

Live within your means. Debtors exiting bankruptcy must learn to rely less on debt and more on the real income they earn.  Avoid overextending yourself, create a budget and stick to it.

Save at least 10 percent of your income.  For debtors emerging from bankruptcy, savings will be the key …

Tags: budget post-bankruptcy

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According to an article in the Washington Post, a bankruptcy judge approved Michael Vick ’s bankruptcy plan to repay creditors.  Michael Vick’s creditors, who are owed more than $20 million in total, ratified the bankruptcy plan to repay them based on his future earnings and the sale of his assets.

The article said:

“Vick signed a contract with the Eagles that pays him $1.6 million this season, with a team option …

Tags: Bankruptcy Credit card Debt Finance Michael Vick United States Washington Post

You should be able to qualify for a home loan post-bankruptcy, though most lenders require that you wait two years after discharge.

One of the biggest concerns on the minds of those considering filing for bankruptcy is whether they’ll be able to buy the house they’ve dreamed of owning post-bankruptcy.  For many, it seems like an impossibility, but it’s not.  It’s true, though, that most lenders are going to want you to wait …

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… debt.

Another form of protection should you believe your future ex is planning for bankruptcy post-divorce is to have a “hold harmless” or “indemnity” clause included in the divorce decree, requiring your spouse pay certain debts or repay you if a creditor comes after you for that debt.  This way, if your ex-spouse later files for bankruptcy and the credit comes after you for the money, you can ask the bankruptcy judge to enforce the indemnity agreement between you and your …

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The major news today is the takeover of Washington Mutual by the FDIC. After hopes were high for a financial bailout of Wall Street on Thursday, reality set in last night as no settlement was reached. Washington Mutual was forced to face the music after an FDIC takeover and forced to sell of some assets to JPMorgan Chase, making it the largest bank failure in history. JPMorgan Chase will acquire all of Washington Mutual’s banking …

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Bankruptcy Judge Mary Walrath rejected a request from Washington Mutual that a court- sanctioned committee appointed to represent the interest of shareholders be disbanded, saying that shareholders have a right to a place at the table.”

The office of the U.S. Trustee, which monitors corporate bankruptcies on behalf of the Justice Department, agreed to appoint a shareholder committee after hearing from more than 3,500 people…Preferred and …

Tags: Bankruptcy fdic Shareholders Washington Mutual

There’s an interesting article in the Huffington Post, which suggests a unique (well not so unique) solution to the foreclosure crisis.

The author said:

“Let’s have a federal bill that states that any bank that took a bailout loan and hasn’t paid it back yet isn’t permitted to foreclose on anybody’s primary residence. In addition, bonuses for senior officers at lending institutions will be reduced by a factor tied to its …

Tags: foreclosure Huffington Post Loan Mortgage Real estate

… Linda Amick, who worked for the company for 24 years, according to an article in the Huffington Post.

The article said:

“It was really a great place to work,” Amick told the Huffington Post. She looked forward to a comfortable retirement on a few acres in a small town 50 miles from Atlanta, Georgia. So much for that: Nortel Networks filed for bankruptcy protection in the U.S. and Canada in January, eliminating Amick’s job. Now, stuck in a home she bought on that small acreage …

Tags: Chapter 11 Title 11 United States Code Huffington Post Nortel Networks

… public universities for undergraduate studies.

Karen Copetas, the admissions director of Western Washington University, stated they have experienced a 28.5 percent increase in transfers, with many students citing money as a motivating factor.  Other parents are using reward programs like www.upromise.com to save up for future expenses.  Essentially, trying to avoid or reduce the amount of the initial debt is the best way to avoid issues going forward.

If you were not as proactive in …

According to an article in the Washington Post, Capital One Financial lost $276 million in their second quarter, due to continuing losses from its credit card loans. Capital One’s U.S. credit card business was down by 51 percent in 2009 compared to last year’s numbers.

The article said:

“Chief executive Richard D. Fairbank told investors and analysts in a conference call Thursday that the McLean company expects …

… of a pending foreclosure that never comes, you’re not alone. According to an article in the Washington Post, about 1 million borrowers are waiting in the shadows of pending foreclosures that never happen. This is a dangerous situation because many homeowners facing foreclosure can’t pay their mortgage yet the bank takes “forever” to foreclose on the house. The situation is actually becoming extreme.

The article quoted a homeowner caught in foreclosure limbo:

“I have …