Concern Over New Official Bankruptcy Forms Coming Dec. 1

For the first time in more than 30 years, bankruptcy experts are revamping the forms people use to file for bankruptcy. The new official bankruptcy forms, which are expected to become available on Dec. 1, are designed to be less confusing and free of legal jargon to make it easier for the average person to complete. However, during the recent public comment phase for the new forms, critics complained that the simpler format may mislead filers into incorrectly thinking they can handle their own … [Read more...]

American Apparel Files Chapter 11 Bankruptcy

Made-in-America clothing retailer American Apparel filed Chapter 11 bankruptcy this week in the wake of poor sales and pending litigation. According to USA Today, the retailer has reached debt restructuring agreements with the majority of its secured debt creditors. The company, who has 8,500 employees who work in six factories and 230 stores worldwide, told the court it plans to close unprofitable stores as part of its restructuring plan. At the time of filing chapter 11 bankruptcy, the … [Read more...]