Credit card debt forgiveness, on the surface, sounds like an ideal solution to a costly problem. As long as they have a debt balance in a minimum amount between $5,000 and $10,000, a demonstrated inability to pay as agreed to and a financial hardship underlying that issue, borrowers could see their debt cut by 30% to 50%. That will give them the financial freedom they may not have otherwise secured by just making

New Delhi: Imagine a group of companies—parent, subsidiaries, and affiliates—so tightly bound that if one fails, the rest stumble too. Until now, India’s insolvency law treated each of these firms like isolated islands. But that’s about to change.

In a major reform, the government is all set to introduce a group insolvency framework under the Insolvency and Bankruptcy Code (IBC), allowing financially distressed companies that are part of the same corporate family to be resolved together, rather than in silos.

After months of behind-the-scenes consultations and…

JACKSON, Mich. (WILX) – Baker College has introduced ‘Return to the Hive,’ a new debt forgiveness program aimed at supporting former students who left before completing their education.

The program offers up to 100% forgiveness of institutional debt, along with personalized academic and financial guidance to help returning students successfully re-enroll and graduate.

“We know that life can throw unexpected curveballs, and for many, that meant putting their education on hold,” said Dr. Jacqui Spicer, Baker College President and CEO. “This program is our commitment to helping them finish what they started, providing the resources and encouragement they need to succeed.”

To be eligible, students must have attended Baker College…

The National Company Law Tribunal (NCLT) has admitted a petition filed by Cosmos Co-operative Bank Ltd (the Financial Creditor) to initiate a personal insolvency resolution process against Kiran Kumar Jain, personal guarantor (respondent) to M/s. Dilip Chhabria Design Pvt. Ltd. (the Corporate Debtor). The petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to recover a total outstanding debt of Rs 42.02 crore as of November 30, 2020.

In its order, the NCLT noted: “The fact of disbursal prior to the issuance of the Bank…

In today’s economy, managing credit card debt is a lot harder — and a lot more expensive — than it was just a few years ago. Part of the issue is that years of high inflation have led to higher costs on everything from housing to groceries, and, in turn, many cardholders have had to rely on their credit cards to make ends meet. As of mid-2025, credit card balances are sitting at record highs and…

Dive Brief:

• Artificial heart company Carmat has filed for insolvency after failing to raise the money it needed to continue operations, the company said Monday.
• Carmat began seeking donations in June after attempts to raise cash from investors floundered. The French company, which was close to running out of money in 2023, needed 35 million euros ($41 million) to fund operations for the next 12 months.
• Carmat…

A 35-year-old woman from Delaware is showing how a mix of discipline and digital help can make a real difference. Jennifer Allan, a realtor and content creator, told Newsweek that she managed to clear over $12,000 of her $23,000 credit card debt – and she did it in just 30 days with the help of ChatGPT. 

Despite earning a decent income, Jennifer said she had long struggled with budgeting and financial planning. “Not because I don’t make enough, but because I was never taught financial literacy,” she told Newsweek. For years, she tried to work harder instead of addressing the root of the problem.

That approach collapsed after she became a mother. “We…

Medical bills don’t always arrive when you’re prepared to deal with them. They tend to show up after a serious medical emergency, in the middle of a recovery from an injury or just when you’re starting to feel financially stable again. And in today’s economy, where budgets are stretched due to inflation, insurance doesn’t always cover what you’d expect and medical costs keep…

New figures from Creditsafe showed 141 new Scottish administrations and liquidations in May – the highest number since December 2022 when 142 cases were recorded.

Michael Reid, Aberdeen-based partner and insolvency specialist at MHA, which has Scottish offices in Edinburgh and Aberdeen, believes the Creditsafe data may well highlight increased HMRC action following a lull in them pursuing companies during the Covid epidemic.