States Support Federal Government in IRS Tax Payment Case A coalition of 22 states and the District of Columbia has aligned with the federal government in appealing to the U.S. Supreme Court to overturn a ruling that mandated the IRS return a tax payment. This arose when a bankruptcy trustee deemed … [Read more...]

Boston-Based Harvard Innovation Labs Venture Cites Financial Woes AllHere Education Inc., a Boston-based Harvard Innovation Labs venture, has filed for Chapter 7 liquidation in Delaware, citing financial difficulties and concerns about the privacy of students' data. The company, which provided … [Read more...]

Electric Generator Startup Faces Financial Woes Moxion Power Co., a San Francisco Bay Area-based electric generator startup backed by Amazon, has filed for Chapter 7 liquidation in Delaware with estimated liabilities ranging from $100 million to $500 million. This news comes on the heels of the … [Read more...]

Celsius Network's Legal Action The defunct cryptocurrency platform Celsius Network has filed a lawsuit against Tether, the largest stablecoin provider, seeking to recover over $2.3 billion in Bitcoin. The lawsuit accuses Tether of exploiting Celsius' financial troubles for its own gain as Celsius … [Read more...]

Record Credit Card Debt Hits $1.14 Trillion According to data released on Tuesday by the Federal Reserve Bank of New York, U.S. credit card debt has surged to an unprecedented $1.14 trillion. This marks an increase of $27 billion from the $1.13 trillion reported in the second quarter of … [Read more...]

Subsidiaries to Undergo Bankruptcy and Reorganization On Monday, China Evergrande's electric vehicle division reported that a Chinese court has mandated the bankruptcy and reorganization of two of its subsidiaries. This announcement led to a significant drop in the EV group's shares, which fell by … [Read more...]

A pair of Boston-based attorneys from Davis Malm, Christopher Marino and Gary Matsko, achieved a rare victory in a bankruptcy-related jury trial. Despite not specializing in bankruptcy law, they successfully defended Arthur Demoulas, a majority shareholder in W.J. Bradley Mortgage Capital LLC, … [Read more...]

American Express has agreed to a $3 million settlement to resolve claims by the Girardi Keese bankruptcy trustee. The trustee accused American Express’s banking unit and a subsidiary of facilitating $50.25 million in fraudulent transfers as part of the defunct law firm’s scheme to deceive … [Read more...]

If you're feeling overwhelmed by expensive credit card debt, there are a few different debt forgiveness options to pursue. Credit card debt can be a significant financial burden, but it's one that many Americans are carrying. Not only does the average cardholder have nearly $8,000 in credit card … [Read more...]

Personal and business bankruptcy filings rose 16.2 percent in the twelve-month period ending June 30, 2024, compared with the previous year.  According to statistics released by the Administrative Office of the U.S. Courts, annual bankruptcy filings totaled 486,613 in the year ending June 2024, … [Read more...]