While professional basketball players make millions of dollars during their careers, they are not immune to financial troubles. In fact, NBA players tend to file for bankruptcy at an alarmingly high rate.
According to Sports Illustrated, 60 percent of professional basketball players file for bankruptcy within five years of leaving the league. Some recent players’ financial [...]

Michigan-based Lear Corp, one of the leading manufacturers of automotive seats, electrical distribution systems and electronic products, has completed a financial reorganization after having filed for Chapter 11 bankruptcy relief in July, 2009.
In a statement, Lear’s Chairman, Chief Executive Officer and President Bob Rossiter said that we have moved through the financial restructuring process [...]

CIT Group Inc., one of the nation’s largest bank and a major lending to small businesses, announced Sunday it would file for Chapter 11 bankruptcy, less than a year after receiving $2.3 billion in federal stimulus money.
CIT is the largest bank to fail after receiving support under the government’s Troubled Asset Relief Program, according to [...]

A Hindu Temple outside of Atlanta, Georgia filed Chapter 11 bankruptcy to stop foreclosure—and provides a clear example of the benefit that bankruptcy can provide.
The Hindu Temple of Georgia, located in Norcross, Ga., had defaulted on a $2.3 million bank loan, and was to be auctioned off in a foreclosure proceeding next week. By filing [...]