Japan Airlines Corp. is said to be approaching the Japanese equivalent of Chapter 11 bankruptcy protection, The Wall Street Journal reports.

Bob Lutz, the vice chairman of General Motors, says the post-bankruptcy auto maker is a “powerhouse” with the potential to achieve rich profits, according to Agence France-Presse.

Distressed investors that look to profit off corporate bankruptcies have long derided rules requiring them to publicly disclose details of their investments

In Matter of Seaquest Diving, L.P., No. 08-20516 (5th Cir. 8/12/09), the Fifth Circuit considered whether a state court judgment based on a dispute between partners was subject to mandatory subordination under 11 U.S.C. Sec. 510(b) because it arose from the recission of a purchase or sale of a security of the debtor. The court found that mandatory subordination applied.

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It's been a rough decade economically, and not even celebrities were immune from financial turmoil. Some of the names on this list were no longer in the spotlight, while others encountered difficulty at the peak of their fame.
This list includes those who filed on personal debts as well as celebrity business owners who used bankruptcy to protect their brand.

If you weren’t familiar with the name “Ponzi” last year, you sure learned it quickly this year, along with the names “Madoff,” “Dreier,” “Petters,” and all the others who

Auto-parts suppliers are making a surprising turnaround, defying fears that many would collapse amid the car industry’s downturn and the bankruptcy filings of General Motors Co. and Chrysler Group LLC, The Wall Street Journal reports.

As we approach the end of the year there are a number if issues we should keep in mind. All are important but at differing levels depending on our own circumstances

Late last week, the U.S. House of Representatives voted to approve a bill that introduces a spate of consumer protection measures.
The amendment that would have permitted homeowners to address foreclosure in bankruptcy by altering the terms of mortgage loans (in what’s known as “cramdowns”), though, did not make the cut.
Provisions of the Bill
The Wall Street Reform and Consumer Protection Act, as it’s known, includes the following provisions:

Between 2003 and 2009, the number of fraud cases investigated by the U.S. Justice Department saw a steep decline—including a 44% drop in bankruptcy fraud cases, according to an article in USA Today.
Bankruptcy fraud, corporate fraud and securities fraud cases all received less attention from Federal prosecutors, according to Justice Department documents, with corporate fraud cases falling 55%, even as our country fell into economic crisis.