Biggest Bankruptcy Fails

BIGGEST BANKRUPTCY FAILS TOP 5 BIGGEST BANKRUPTCIES IN HISTORY WASHINGTON MUTUAL LEHMAN BROTHERS Assets: $691 BILLION #1 Lehman Brothers Bankruptcy #2 Assets: $327.9 BILLION Washington Mutual Bankruptcy Bankruptcy Date: 09/15/2008 Bankruptcy Date: 09/26/2008 GM Assets: $103.9 BILLION #3 WorldCom Bankruptcy #4 Assets: $91 BILLION General Motors Bankruptcy Bankruptcy Date: 07/21/2002 Bankruptcy Date: 06/01/2009 CIT, #5 Assets: $71 BILLION CIT Bankruptcy Bankruptcy Date: 11/01/2009 TOP 5 BIGGEST CELEBRITY FAILS Debt: $23 MILLION Debt: $13 MILLION #1 Mike Tyson #2 MC Hammer Year of Bankruptcy: 2004 Year of Bankruptcy: 1996 #3 Debt: $16.7 MILLION Willie Nelson Debt: $850,000 # 4 Anna Nicole Smith Year of Bankruptcy: 1990 Year of Bankruptcy: 1996 Debt: $352,000 #5 Larry King Year of Bankruptcy: 1978 TOP 5 CAUSES OF BANKRUPTCY PERSONAL BANKRUPTCY JOB MEDICAL EXPENSES JOB LOSS As many as 62% of bankruptcies were caused by medical costs, according to a Harvard study. Whether due to layoff, termination or resignation, the loss of income from a job can be equally devastating. Credit Card 9876 5432 OUT-OF-CONTROL SPENDING/ POOR/EXCESS USE OF CREDIT DIVORCE / SEPARATION Marital dissolutions create tremendous Credit card bills, installment debt, car and other loan payments can eventually spiral out of control. financial strain on both partners in several ways. UNEXPECTED DISASTER / EXPENSES Loss of property due to theft or casualty, such as earthquakes, floods or tornadoes for which the owner is not insured can force some into bankruptcy. SMALL BUSINESS BANKRUPTCY OUTSIDE BUSINESS CONDITIONS INSIDE BUSINESS CONDITIONS • General conditions in economy • Increase in competition • General costs of running a business • New technologies • Weak management • Inappropriate location • Client loss • Trade credit problems TAXES FINANCIAL PROBLEMS TAX ISSUES • Lack of Liquidity • Loss of capital • Inability to secure new capital when needed Failure to pay the correct taxes can result in surprise bills • High debt LEGAL ISSUES If businesses fail to adhere to the laws and regulations in the area they operate, they can receive extensive fines.h Source Links [Top 5 Bankruptcy in History] http://www.time.com/time/specials/packages/article/0,28804,1841334_1841431_1841342,00.html http://www.businessinsider.com/largest-bankruptcies-in-american-history-2011-11?op=1 http://www.foxbusiness.com/industries/2011/10/31/biggest-bankruptcies-ever/ http://www.futuresmag.com/2011/11/03/top-10-largest-bankruptcies-of-all- time-slideshow http://www.instantshift.com/2010/02/03/22-largest-bankruptcies-in-world-historyl http://money.cnn.com/galleries/2009/fortune/0905/gallery.largest_bankruptcies.fortune/index.html http://blogs.wsj.com/deals/2011/10/31/mf-global-likely-among-the-10-biggest-bankruptcies-ever/?mod=e2tw http://awesome.good.is/transparency/web/0906/trans0609largestbankruptcies.html http://money.ca.msn.com/investing/gallery/gallery.aspx?cp-documentid-186899986page=1 http://www.mondaq.com/unitedstates/x/220870/TOP+10+BANKRUPTCIES+OF+2012 http://news.bbc.co.uk/2/hi/7615931.stm http://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers http://www.bloomberg.com/apps/news?sid=aMDDN20MLQus&pid=newsarchive http://en.wikipedia.org/wiki/Washington_Mutual#Bankruptcy http://money.cnn.com/2002/07/19/news/worldcom_bankruptcy/ http://www.nytimes.com/2002/07/22/us/worldcom-s-collapse-the-overview-worldcom-files-for-bankruptcy-largest-us-case.html http://en.wikipedia.org/wiki/MCI_Inc. http://www.guardian.co.uk/business/2009/jun/01/general-motors-bankruptcy-chapter-11 http://en.wikipedia.org/wiki/General_Motors_Chapter_11_reorganization http://money.cnn.com/2009/11/01/news/companies/cit_group/?postversion=2009110117 http://en.wikipedia.org/wiki/CIT_Group [Top 5 Celebrities Fails] http://business.time.com/2012/02/16/top-10-celebrity-bankruptcies/ http://www.telegraph.co.uk/finance/personalfinance/9331871/Celebrities-who-went-bankrupt.html?frame=2248460 http://www.moneycrashers.com/bankrupt-cele http://www.howtosavemoney.com/top-20-celebrities-who-have-filed-bankruptcy/ http://www.businessinsider.com/from-bank-to-broke-here-are-20-celebs-who-went-bankrupt-2012-5?op=1 http://www.therichest.org/money/celebrity-bankruptcies/ http://www.dailyfinance.com/2012/02/15/broke-stars-11-celebrities-who-went-bankrupt/ -rich-broke/ [Top 5 Causes of Bankruptcy] http://www.businessmoneytoday.com/articles-advice/guest-writers/victor-daily/Top-5-Reasons-So-Many-Small-Businesses-Face-Bankruptcy.php http://smallbusiness.chron.com/causes-business-bankruptcy-49407.html http://www.clearbankruptcy.com/financial-literacy/10-leading-causes-of-bankruptcy.aspx http://www.jdsupra.com/legalnews/top-5-causes-of-bankruptcy-04153/ http://finance.yaho0.com/news/pf_article_109143.html http://nett.com.au/news/main-causes-of-bankruptcy-is-competition-credit-restrictions-and-falling-margins-report-says-100331/ http://www.dissolve.com.au/blog/top-9-business-insolvency/ http://www.google.com/url?sa=t&rct=j&q=6Gesrc=s6source=web&cd=3&ved=0CD8QF/AC&url=htt p%3A%2F%2Fbeyondeconomy.pbworks.com%2Fw%2Ffile%2Ffetch%2F44809076%2FCauses%2520of%252 OBankruptcy.pdfGei=Yq8bUe6CDYOo4ATrmYCYDg6usg=AFQjCNGZFLRe7S1N8JJOYKaRuV_6qjVLOQ6bvm=bv.42261806,d.bGE http://www.ehow.com/list_6675018_causes-business-bankruptcy_html http://troubleatthetop.com/2012/11/26/5-most-common-reasons-for-business-insolvency/