Chapter 7

4 Stories

Brokerage Accused of Stealing $215M

PFGBest declares bankruptcy in wake of founder's suicide attempt

(Newser) - PFGBest declared Chapter 7 bankruptcy last night, after the Commodity Futures Trading Commission filed a lawsuit accusing it of fraud, lying to regulators, and abusing customer funds. Regulators believe Russell Wasendorf, who tried to kill himself Monday, had been fabricating bank balances and forging signatures on the documents he submitted... More »

Up to 1M Americans Too Poor to Go Bankrupt

They can't afford $1,500 fees

(Newser) - Between 200,000 and 1 million Americans this year are so down-and-out they don't even have enough money to file for bankruptcy, a new study finds. The average cost of filing for Chapter 7 bankruptcy protection is about $1,500—$300 just for the paperwork fees in court and... More »

Nonprofits Are Going Bust, Too

More charities and arts groups are filing for bankruptcy during the slowdown

(Newser) - It's not just homeowners and businesses seeking bankruptcy protection in the cooling economic climate: Nonprofit organizations are hurting, too, and some aren't going to survive. With dwindling donations, tight loans, and stagnant state funding, social service charities and arts groups are running up huge debts, reports the New York Times.... More »

Peanut Corp. Files for Bankruptcy

(Newser) - The latest victim of the nationwide salmonella outbreak is the Peanut Corporation of America, which filed for Chapter 7 bankruptcy today, the Lynchburg News & Advance reports. “Given the events of the past month, including the broad-based recalls, the company has no alternative but to cease operations,” a... More »

4 Stories