BUCKEYE, AZ (AZFamily) — For the Alvarenga family, meals are carefully planned. They have to be, so groceries for five kids can fit into the budget.
“It was literally paycheck-to-paycheck for a long time,” Briana Alvarenga said.
She and her husband Kevin had piled up about $20,000 in credit card debt.
“He lost a job, and we ended up having to put a few months’ worth on a credit card of all of our base bills,” Briana said.
Car trouble and medical bills helped to derail the budget.
“Every time we’d progress, something came up and just became our downfall,” Kevin added.
Their story is familiar. Across the country, credit card debt is a staggering $1.17 trillion, and the average credit card interest rate is more than 21%.
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Construction has been named as the sector with the most firms facing “critical” financial pressure, with almost 7,000 businesses at risk of bankruptcy.
In its latest Red Flag Alert report covering the fourth quarter (Q4) of last year, insolvency practitioner Begbies Traynor said that 6,830 construction firms in the UK ended 2024 in “critical financial distress”.
It defines this category as “often a precursor to formal bankruptcy”.
In Q4, construction had the unwanted status of heading the “critical” category, ahead of support services (6,711 firms) and real estate and property services (6,697).
Tax changes imposed in last October’s budget will increase the financial strain on construction firms and other businesses this…
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Sports betting is now legal in a majority of states (it’s currently legal in 39 states and the District of Columbia, in one form or another, as of this writing), and the number of Americans participating is growing rapidly year over year in this multi-billion dollar business. According to a new NerdWallet survey, 1 in 5 Americans (20%) say they’ve bet on sports (not including dog or horse races) in the past 12 months. This is compared to our December 2023 survey, where we found 12% of Americans had placed a sports bet in the previous 12 months. That’s an increase of about 67%.
The December 2024 survey of more than 2,000 U.S. adults, commissioned by NerdWallet and conducted online by The Harris Poll, asked Americans whether they…
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Lürssen moves to acquire Nobiskrug, FSG confirms sale to Heinrich Rönner Group Boat International
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Assets hidden under trees? Judge dismisses claim in Louis Liebenberg sequestration case News24
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The tribunal found that the corporate debtor has no assets, the CIRP Period only implies zero returns with avoidable costs such as liquidator’s fee, public notice etc
The National Company Law Appellate Tribunal (NCLAT) in New Delhi has ruled that the CoC’s decision to liquidate the corporate debtor cannot be criticized once it becomes evident that revival is not a feasible option. The tribunal found that the corporate debtor has no assets, the CIRP Period only implies zero returns with avoidable costs such as liquidator’s fee, public notice etc.
SVC Cooperative Bank offered term loans and working capital facilities to the principal borrower, M/s Universal Textile Waterproof Company (India) (UTWC), with corporate debtor Shri Balaji…
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Markham-based Krieger & Company Inc. has been appointed as trustee of the estate for the Aurora chocolatier renowned for its distinctive buttercrunch treat
One Chocolate Corporation, the owners of iconic Aurora chocolatier Fraktals, has declared bankruptcy.
A notice posted on the door of its retail location on Industrial Parkway South said that One Chocolate Corporation made an “assignment in bankruptcy on Jan. 27,” with Markham-based Krieger & Company Inc. being appointed as trustee of the estate.
“The trustee is working with stakeholders to determine next steps to maximize value for creditors,” according to Michael Krieger, licensed insolvency trustee with Krieger & Company Inc.
The notice further adds that…
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FLINT, Mich. (WJRT) – A family-owned hardware store in Flint has closed after 86 years of being in business.
Knobloch Hardware on Lewis Street has permanently closed its doors.
On Wednesday afternoon, the business held a liquidation auction, which included all merchandise and store fixtures.
Workers say they are disappointed to see the shop leave the community after all these years.
“It’s very sad,” said employee Tim Corrigan. “Knobloch has been here since 1938, and I have been here since 2000. It’s been here a long time in the community, and it’s sad to see it go.”
The auction was hosted by Cole’s Auction…
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The Madras High Court bench comprising Justice S.S. Sundar and Justice P. Dhanabal has held that the proviso to Section 10-A of the Insolvency and Bankruptcy Code (IBC) does not extend to cases where the default continues beyond the moratorium period.
The court noted that Section 10-A only imposes a moratorium temporarily suspending the initiation of the Corporate Insolvency Resolution Process (CIRP). Section 10-A bars an application for initiation of CIRP of a Corporate Debtor, for any default arising on or after 25.03.2020 for a period of six months.
In interpreting the proviso to Section 10-A, the court held that the bar on filing CIRP applications applies only to defaults that occur within the moratorium period….
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A longstanding WA agricultural lobby group has entered voluntary administration a week after revealing “serious financial misconduct” had been detected within the organisation.
The Pastoralists and Graziers Association appointed RSM Australia Partners Jerome Mohen and Greg Dudley as voluntary administrators at a board meeting on Thursday afternoon.
Mr Mohen said the lobby group made the decision after discovering financial irregularities and a funding shortfall, reported to be $2 million.
The PGA emailed its members last Friday confirming membership payments were suspended and an investigation under way, with several staff of the 118-year-old organisation…
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