Every year more than 1 million people file for bankruptcy. In addition, hundreds of thousands of businesses file for bankruptcy and close their doors each year. Some of these businesses are small startup companies, while others are large national corporations. Some of these bankruptcies are more memorable than others and BankruptcyData.com has thankfully complied a list of the top 10 bankruptcies of all time.
#10 Bankruptcy: Thornburg Mortgage – in 2007, troubles began for the respected real estate investment trust company. They closed their operations after filing Chapter 11 bankruptcy.
#9 Bankruptcy: Chrysler – In 2008, Chrysler began to see sales drop sharply due to the housing market crash. They entered bankruptcy in 2009 but were able to come out of bankruptcy just 41 days later.
#8 Bankruptcy: MF Global Holdings – In 2011 MF Global Holdings filed for bankruptcy after reporting a $191.6 million quarterly loss.
#7 Bankruptcy: Conseco – Even though they provided insurance products to more than 4 million customers, they entered Chapter 11 bankruptcy in 2002. 9 months later, they changed their name to CNO Financial Group and emerged from bankruptcy.
#6 Bankruptcy: Enron – In 2001, the Enron scandal erupted and they were charged with a massive scale accounting fraud. They filed for bankruptcy quickly afterwards.
#5 Bankruptcy: CIT Group – In 2009 CIT Group filed for bankruptcy. They were able to reorganize and emerged from bankruptcy just 38 days later.
#4 Bankruptcy: General Motors – In 2009, General Motors faced uncertain futures in the United States and they were forced into bankruptcy. The U.S. government stepped in and provided financial support and they emerged from bankruptcy in 2009.
#3 Bankruptcy: WorldCom – In 2002, WorldCom filed for bankruptcy after using fraudulent accounting methods to mask their declining earnings. At the time, it was the largest company ever to file Chapter 11 bankruptcy.
#2 Bankruptcy: Washington Mutual – In 2008, Washington Mutual Bank collapsed and was seized by the Office of Thrift Supervision. FDIC sold the banking subsidiaries to JP Morgan Chase.
#1 Bankruptcy: Lehman Brothers – In 2008, Lehman Brothers was the 4th largest investment bank in the United States. After losing numerous clients and the devaluation of their assets by credit rating agencies, Lehman Brothers was forced into bankruptcy.
Contact Our Dripping Springs Bankruptcy Lawyers
If you or someone you love is struggling with debt, bankruptcy may be a viable option to repair your credit and regain your financial freedom. Contact a Dripping Springs, Texas Bankruptcy Attorney at The Daniel Law Firm today at (512) 615-3569.