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When homeowners are confronted with impending foreclosure, they often will file for bankruptcy. The act of filing for bankruptcy causes an “automatic stay,” which stops creditors from taking action, thus preventing a foreclosure, said Michael Sousa, assistant professor at Denver University’s Sturm College of Law. Sousa said that if homeowners have unsuccessfully tried other means… Continue Reading Bankruptcy, foreclosures and living the life thereafter

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Freedom CEO: Bankruptcy possible

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In an interview with the Orange County Register published earlier this week, Burl Osborne, the interim CEO of Freedom Communications, said that the company is in discussions with its bankers about “restructuring.”

Freedom, which owns dozens of media properties, including the Register and the Colorado Springs Gazette, is more than $700 million in debt.

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DETROIT (AP) – General Motors Corp.’s new chief executive said Tuesday that more of the automaker’s plants could close and bankruptcy is “more probable” as GM works to meet new, tougher requirements for government aid.In his first news conference as CEO, Fritz Henderson said he expects the company would “need to take further measures” beyond… Continue Reading GM CEO says bankruptcy a probable outcome

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Apparently caught in the crosshairs of the global economic recession, Sportsman’s Warehouse filed for Chapter 11 bankruptcy protection Saturday. A statement on the company’s Web site says owners will either sell the business or reorganize as a smaller, viable chain of Sportsman’s Warehouse stores. On March 10, the Utah-based Sportsman’s Warehouse announced plans to close… Continue Reading Recession forces Sportsman’s Warehouse into Chapter 11

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