Wonder Bread And Twinkies Maker Shutting Down; 18K Employees FIRED
Hostess Brands Inc., the maker of Wonder bread and Twinkies, said it will shut down and liquidate after a strike by members of its bakery workers’ union “crippled” the company’s operations. “We deeply regret the necessity of today’s decision, but we do not have the financial resources to weather an extended nationwide strike,” Chief Executive [...]
Toni Braxton’s Trying To Sell 6-Bedroom Home To Avoid Forclosure
Toni Braxton is putting her $1.1 million (11,400 square-foot) home up for sale before it gets lost to foreclosure, according to TMZ. She purchased the Duluth, Ga. crib (below) in 2004 for $1.5 million, but she missed at least 10 months of payments between 2004 and 2010. She filed bankruptcy in efforts to try to [...]
Antoine Walker Attributes Gambling, Bad Real Estate, And More To His $110 Million Loss
ESPN’s documentary titled “Broke,” highlights the financial failure of professional athletes who once acquired millions of dollars in their athletic career. In a recent filming of the documentary, former NBA superstar Antoine Walker discussed how he spent $110 million over a course of 14 years. Walker attributed bad real estate deals, gambling debts, and frivolous [...]
Michael Vick Just One Paycheck Away from Financial Freedom
Michael Vick is conquering his economic demons with a VENGEANCE — tackling creditors in his bankruptcy case left and right … and TMZ has learned, he’s just a paycheck away from total financial freedom. You’ll recall … Vick filed for Chapter 11 bankruptcy in July 2008 after the infamous dog-fighting scandal — when he lost his NFL salary and several lucrative [...]
The Money Mentor: Are You Being Haunted by Old Debt?
By: Lorillia Brown-Phillips, The Money Mentor, Your Black World Have you ever been issued a credit card that was charged off due to non payment? Did you know that a charged off credit card balance is considered taxable ordinary income, according to the IRS. Charged off credit card debt that is either canceled or forgiven may [...]
Basketball Wife Says She Had No Idea Ex-Fiance was Broke
Evelyn Lozada, probably the most notorious of the Basketball Wives who never got married, says that she had no idea that her ex-fiance Antoine Walker had gone broke when he gave her half a million dollars. Lozada made the claim in bankruptcy court, where trustees are trying to reclaim the funds, claiming that Lozada [...]
Iverson Bought New Wardrobe for Every Trip, Now Going Broke
It is being reported that former NBA superstar Allen Iverson is now going broke. While the star has not officially declared bankruptcy, his desperate attempts to play overseas and recent seizures of his bank accounts have let the cat out the bag. Iverson has recently played on squads in Turkey and Puerto Rico. Also, a Georgia [...]
Judge Gives T-Boz’s Creditors The Go Ahead To Go After Her Assets
It’s not looking good for singer Tionne “T-Boz” Watkins! The former TLC singer is no longer enjoying the protection of bankruptcy court. A judge has ended T-Boz’s bankruptcy case, giving her creditors the green light to go after her assets. The judge decided to dismiss the R&B star’s case because she allegedly failed [...]
Studies Show Black Americans Face Discrimination When Filing for Bankruptcy
According to the NYTimes A new study shows that black people are twice as likely to end up in the tougher and more expensive form of bankruptcy than whites even if they have the same financial profile. “I don’t think there is any overt conspiracy,” says a co-author of why far more black [...]
Basketball Wife Sued for Helping Antoine Walker Hide Money from Bankruptcy Courts
Evelyn Lozada, one of the stars of the TV Show, “Basketball Wives,” was never actually married to an NBA player. But then again, almost none of the Basketball Wives have ever been married. But Evelyn was engaged to former NBA star Antoine Walker, who infamously blew threw over $110 million during his playing [...]