CIT, which the Wall Street Journal reports has hired a bankruptcy attorney and is considering filing for bankruptcy, has already received $2.33 billion from the Treasury’s Troubled Asset Relief Program (TARP) in December 2008. It is now also considering the option of participating in the FDIC (Federal Deposit Insurance Corporation) temporary liquidity guarantee program. This program lets cash-strapped companies issue government-backed bonds in order to raise capital at lower cost.

As one of the nation’s largest factoring services, CIT is a major player in ensuring that retail orders get paid for and delivered to retailers. Without these factoring services, consumer goods bound for retail establishments could bring the 2009-2010 holiday shopping season to its knees for the second consecutive year; definitely a bleak prospect for an already bleak retail picture. Financial agents like CIT affect such retail mammoths as Wal-Mart and Target as well as smaller, independent stores.

So … what does this all have to do with YOU? Think about it for a minute. If your favorite stores and shops don’t have the merchandise that you want and can afford to purchase, you’ll stop shopping there. They will have to close, letting their salespeople go and eventually closing their doors…which means more people on unemployment and more Americans seeking the protection of chapter 7 or 13 bankruptcy.

If you have questions concerns about your own personal bankruptcy, get in touch with one of our attorneys that focus in bankruptcy cases every day. Get your free legal evaluation today and don’t let the Grinch ruin your holiday season.

(source: Chicago Tribune, July 15 2009: CIT Woes an Ill Wind for Holidays)

We know things have gotten bad when our hero’s start feeling the effects of the recession too. According to the U.S. Bankruptcy courts in California, the left-handed player has an estimated $30 million worth of liabilities. This is very bad news for him, since he currently only has less than a hundred thousand in assets.

But how could this happen to a former Baseball super star? Like many other Americans, Dykstra started his own businesses after he retired from playing. These businesses included the production of a professional athletes magazine called “Player’s Club” as well as a Jet charter company. Unfortunately, these businesses have fallen on hard times. Due to several devastating lawsuits and other financial difficulties, Dykstra’s fortune appears to be waning. Filing for bankruptcy turned out to be his only salvation from the massive debt he’d accumulated.

It’s troubling to witness someone with previously so much money lose everything. It makes us wonder what kind of chance the rest of us have when it comes to dealing with our financial difficulties. We’d like to think we can make it on our own, but in these uncertain economic times, outside assistance may be the best solution.

If your finances are spinning out of control, there is help available. Contact a Legal Helpers attorney who focuses in bankruptcy right now and get a fresh financial start you deserve right now.

While filing bankruptcy may prove an adequate solution for the failing company, what of its many employees that will lose their jobs as result? Lay off’s are expected, but it’s important to point out that not all Oscient employees will lose their jobs right away. The point of Chapter 11 bankruptcy is to re-organize a company and give it a chance to get back on its feet. So technically, Oscient will still be functioning, albeit under strict observation of the bankruptcy court.

As we all know, our economy is approaching a “2^nd Great Depression” status. It’s a terrible time to suddenly find yourself out of work. Sometimes, to avoid a bankruptcy status a company will lay off employees to cut back expenses, and this has been happening all over the United States. Chances are even YOU have been affected by the recession in some way.

If you have recently been laid off or are suffering other kinds of economic issues, there is a solution to help get you back on track. Contact one of our Legal Helpers attorneys for a free legal evaluation and start getting your life back right now.