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A Tidal Wave of Bankruptcies Is Coming

Already, companies large and small are succumbing to the effects of the coronavirus. They include household names like Hertz and J. Crew and comparatively anonymous energy companies like Diamond Offshore Drilling and Whiting Petroleum. And the wave of bankruptcies is going to get bigger. Edward I. Altman, the creator of the Z score, a widely used method of…

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When Can I Apply For A Credit Card After Bankruptcy?

Filing for bankruptcy can put a big dent in your credit score and it will take some time to recover. In spite of the damage to your score, it’s still possible to get a credit card, but you’ll only be eligible for secured cards or cards designed for those with poor or no credit. Your…

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Record Bankruptcies Predicted in Next Year as Unemployment Soars

Bankruptcies related to Covid-19 shutdowns will set records in the next 12 months, according to Edward Altman, the professor emeritus at New York University’s Stern School of Business who developed a widely used method called the Z-score for predicting business failures. “Whether it’s corporate bankruptcies or personal, this is unprecedented,” Altman said in an interview….

After The Covid-19 Deluge, A Bankruptcy Tidal Wave?

The number of people filing for bankruptcy could set records next year. And, while bankruptcy reform artificially spurred the 2005 record of nearly 2.1 million cases filed, this peak will be all about the reality of a Covid-19-blasted economy. That’s a bankruptcy tidal wave of a different color. So far, 2020 has avoided a surge…

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What Is Wage Garnishment?

Here’s how wage garnishment works — and what you can do to prevent it. When you fall behind on your bills, the consequences can be dire. Not only can failing to pay hurt your credit score, but it can also, in more extreme cases, allow your creditors to claim some of your wages before they land…