Will OpenAI Go Bankrupt in 2024? The Current State of Bankruptcy Rumors Recent discussions in the tech world have brought OpenAI, the company behind ChatGPT, into the spotlight, with rumors suggesting potential bankruptcy by 2024. However, these claims need a closer examination to discern their validity in the context of the ever-evolving AI industry. What […]
Why Do We Have Bankruptcy Laws? Bankruptcy isn’t a new concept by any means, but did you know that it is so fundamental to our national economy that it was actually enshrined in the US constitutional laws? Yes, if you are filing for bankruptcy, not only should you not be ashamed of doing so, but […]
What Is the Downside of Filing for Bankruptcy? Objectively speaking, bankruptcy seems like a pretty sweet deal: you build up debt, you file with the court, and then they wipe that debt out. You basically get all of the stuff that you spent that money on for free, other than your time and the cost […]
What Are Advantages of Filing Bankruptcy? From the time we are children, it is programmed into our brains that filing bankruptcy is a bad thing. Ever played Monopoly? If you file bankruptcy, you lose. You don’t get a second chance, you don’t get a reorganization plan or a path to rebuilding your financial future. You […]
Understanding Accidental Bankruptcy Fraud Bankruptcy fraud is often associated with deliberate and malicious intent. However, accidental bankruptcy fraud can occur when an individual unintentionally violates the complex laws and regulations governing bankruptcy. This type of fraud can still have serious consequences, however, even if the applicant’s intentions were anything but malicious. Understanding how accidental bankruptcy […]
U.S. Credit Card Debt Breaks Through to $1 Trillion For the first time in history, U.S. credit card debt has breached the $1 trillion mark. This startling revelation was shared by the Federal Reserve Bank of New York on Tuesday, August 8th, 2023. In the latest quarter, a dramatic surge was observed, with credit card […]
Top 5 Bankruptcy Filing Errors to Avoid Navigating the bankruptcy process can be complex and stressful. Unfortunately, small mistakes can lead to significant setbacks. Understanding the most common pitfalls can ensure your filing is handled correctly and efficiently. Here’s a look at the top five bankruptcy filing errors and how to avoid them: 1. Incorrect […]
The Rising Trend of Bankruptcy Among Seniors Bankruptcy, traditionally viewed as a last resort for those overwhelmed with debt, is showing an alarming rise among the elderly population in America. A study from the Consumer Bankruptcy Project revealed that the rate of Americans aged 65 and older filing for bankruptcy has tripled since 1991. This […]
New Bankruptcy Forms Required Under the 2020 Cares Act Over the past few months, you may have heard in the news about the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which has resulted in items like the national stimulus checks, expanded unemployment insurance and the founding of the Coronavirus Relief Fund, amongst many […]
Joann Fabrics Files Bankruptcy – Here’s the Story Joann, the venerable institution in the fabric and craft retail sector, aged 81 years, finds itself navigating rough financial waters, compelling it to seek Chapter 11 bankruptcy protection. Amid an era where discretionary spending is on a decline, the Ohio-rooted company has unveiled plans to fortify its […]
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