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Posts Tagged ‘bankruptcy’

Medical Bills Are Found Linked to Most Bankruptcies

pills-medicineSome 62% of all bankruptcies filed in 2007 were due in part to medical expenses, according to a new study. Even more striking: 78% of those individuals had insurance. Most people hit by such bankruptcies were considered middle-class, college-educated and owned homes, according to the study published online by the American Journal of Medicine. By the time they filed bankruptcy, those without insurance reported average medical bills of $26,971 and those with insurance, expenses of $17,749. Full Story : WSJ.com….

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GM Files Bankruptcy to Spin Off More Competitive Firm

gm-auto makerGeneral Motors Corp., the world‚Äôs largest car maker until its 77-year reign ended last year, filed for bankruptcy protection in the U.S. with a plan to create a 21st-century company that can compete in world markets. GM reported $82.29 billion in assets and $172.81 billion in debt. The U.S. government will bankroll the transformation of the 100-year-old automaker, a victim of tumbling sales and higher gas prices. The U.S. plans to convert much of its $50 billion of loans to a 60 percent stake in the new entity, administration officials said. Today‚Äôs filing coincides with a deadline for GM to convince a government auto task force that it could reorganize out of court through debt and cost cutting. Full Story : Bloomberg.com…..

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@ a glance : Nortel Files for Bankruptcy, Victim of Falling Sales

Nortel Networks Corp., North America‚Äôs biggest maker of telephone equipment, filed for bankruptcy protection in the U.S., a victim of the global credit crunch and declining sales. Full Story: Bloomberg…..

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