Search results for bankruptcy
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Posted
Aug 18 2009, 10:45 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This guest post comes from "vh" at Funny about Money.
The buy-local movement struggles under the best of circumstances. All you have to do is walk into your nearest mall to see that: Every shopping district in the land, except for those targeted exclusively at tourists, looks identical, a mind-numbing array of the same boring, cookie-cutter chain stores. Even some tourist traps are chain stores.
So it's disappointing to learn that the company owned by one of Arizona's most prominent local merchants, Eddie Basha, had to file for Chapter 11 bankruptcy protection and close a slew of grocery stores in his statewide chain. He'd already closed 10 stores; this latest round of cuts will shutter 14 more.
Bashas', owned by an old-line Arizona family descended from a Lebanese couple who immigrated here in 1884, actually comprises four sub-chains:
- Food City, downscale markets that target the Latino population.
- Bashas', middle-class neighborhood grocery stores, most of which are small supermarkets.
- AJ's, upscale gourmet grocery stores on the Whole Foods model. They actually were here before Whole Foods and in many ways are preferable.
- Diné Markets, which cater to Indians on three reservations.
Most of the original Bashas' markets, at least the ones in the central part of Phoenix, are small and located in aging facilities. They function more as neighborhood convenience stores than as full-blown supermarkets, and so they often have even less selection of goods than the pared-back Safeways with which they compete. In the suburbs and in some smaller towns, the stores are larger, very much like a Safeway. Prices are often better than Safeway's. But Bashas' real claim to fame is a friendly, neighborhood-market atmosphere where employees behave as though they care whether customers live or die.
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Posted
Aug 03 2009, 01:08 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
In recognition of the national debate over health care reform, which is about to move front and center, here are two brief histories of bloggers without health insurance.
One is about David, who decided to go without. The other is the story of Leanne at Mrs. Bankrupt, who recently penned a three-part series called "Sick? No insurance. No doctor. You're screwed."
We'll start with David at Goliath Debt, David Income, who was so focused on paying down his colossal debt that he skimped when he shouldn't have -- his wife and his newborn baby aren't insured and it's proven to be quite costly.
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Posted
Jun 04 2009, 03:43 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner site ConsumerAffairs.com.
A new study finds that more than 60% of personal bankruptcies in the United States in 2007 were caused by health care costs associated with a major illness. That's a 50% increase in the number of bankruptcies blamed on medical expenses since a similar study in 2001.
In an article to be published in the August issue of the American Journal of Medicine, the results of the first-ever national random-sample survey of bankruptcy filers shows that illnesses and medical bills contribute to a large and increasing share of bankruptcies.
"The U.S. health care financing system is broken, and not only for the poor and uninsured," said Harvard Medical School researcher Dr. David U. Himmelstein. "Middle-class families frequently collapse under the strain of a health care system that treats physical wounds, but often inflicts fiscal ones."
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Posted
May 26 2009, 10:27 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Jim Wang at partner blog Bargaineering.
Despite the recession, I haven't seen a lot of personal bankruptcy stories. Many businesses are folding and personal bankruptcies have increased, but the mainstream media hasn't published many sensational articles spotlighting a remarkable spike in bankruptcies.
Does that mean it's on the horizon? Or is it simply not news when you can talk about a domestic auto manufacturer calling it quits? Either way, I think it's important to understand the different types of bankruptcy, even if it is a dirty word, because it could one day help you if you're in trouble.
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Posted
Apr 29 2009, 06:02 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Most of the bigs in the credit card industry (American Express and Chase are not part of this group) collectively produced a new Web site called HelpWithMyCredit.org, advertised as a helpful resource for consumers who are struggling with credit card debt.
Not so fast, many bloggers responded. The word "self-serving" appears in many posts.
"What has stirred this sudden desire of banks to help cardholders?" wrote Rick at CreditCardBubble.com. "I imagine it's the current activity in both houses of Congress to increase regulation of a banking industry run amok with fees and outrageous interest rates."
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Posted
Jan 21 2009, 01:49 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Stephanie at Stop the Ride threw readers for a loop recently. She and her husband, Tim, have cut almost to the bone, and their debt isn't shrinking. In fact, the reverse is true. Now she is facing a huge decision: Is bankruptcy the best choice for her family right now?
She calls it "an option I never thought I'd consider, let alone mention publicly. ... My emotions have ranged from anger to depression while trying to think through this situation. But hard times do force change."
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Posted
Jan 08 2009, 07:18 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Mark Huffman at partner blog ConsumerAffairs.com.
Congressional Democrats have wasted no time in advancing legislation to change bankruptcy rules with the aim of reducing home foreclosures. Under the proposal, judges could order lenders to forgive some mortgage debt.
The measure would change the law to give homeowners filing for bankruptcy the opportunity to restructure their loans so that they can save their homes from foreclosure. The bill would empower bankruptcy judges to modify mortgage terms to help homeowners stay in their homes.
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Posted
Dec 29 2008, 10:53 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Mark Huffman at partner blog ConsumerAffairs.com.
The year 2008 has been marked by economic turmoil -- high gas prices, followed by the subprime mortgage crisis, which in turn triggered a full-scale financial meltdown. It's been a fertile year for the world's scammers, who find fear and desperation helpful.
This year, there were a few new scams and a lot of old ones, some cleverly repackaged for a new year and new circumstances. By far the biggest scam -- perhaps the biggest ever -- was the Bernard Madoff investment scandal.
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Posted
Dec 23 2008, 09:21 AM
by
Donna Freedman
Rating:
Money Blog: Smart Spending Blog - MSN Money
The Economist is offering a board game called "Credit Crunch" in its holiday double edition. The winner is the "last solvent player" -- in other words, the one who eliminated the competition.
This is way nastier than Monopoly. As a press release explains it, Credit Crunch players are encouraged to "pick on the weakest, kick opponents when they are down and generally manifest all the characteristics that bring success in the financial world. Winner takes all!"
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Posted
Dec 19 2008, 10:46 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Truman Lewis at partner blog ConsumerAffairs.com. Much-hyped foreclosure-prevention programs relying on voluntary loan modifications are failing to reach a significant number of troubled homeowners and are often backfiring when they do so, according to newly updated research released today by the National Association of Consumer Bankruptcy Attorneys. That puts pressure on President-elect Obama and Congress to clear the way for court-supervised loan modifications that will prove more beneficial for homeowners, the lawyers group asserted. The findings released today by NACBA come on the heels of a dire new projection from Credit Suisse that more than 8 million foreclosures are now expected over the next four years in the U.S.
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