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In 2008, TitleMax expanded into Virginia. In April 2009, TitleMax Holdings, LLC, filed for chapter 11 bankruptcy. [5] According to TitleMax’s lawyer at the time, the cause of the default was attributed to “the maturity of an estimated $165 million loan from Merrill Lynch & Co.” [5] In 2008, Bank of America acquired Merrill Lynch. [6]
TMX Finance is the parent company to TitleMax and changed its name from TitleMax Holdings, LLC, to TMX Finance LLC as of June 21, 2010. [1]In mid-2011, TMX Finance “reopened its 13.25% secured notes due 2015 with an add-on of $60 million non-fungible bonds.” [6]
More than two dozen car-tile lenders and brokers sued TitleMax over claims that the lending giant used illegal and unethical tactics to siphon off their customers.
In addition, the investment bank Lehman Brothers filed for Chapter 11 bankruptcy protection in September 2008, citing bank debt of $613 billion and $155 billion in bond debt. The solvency of other U.S. banks was severely threatened, forcing the George W. Bush government to intervene with the $700 billion bailout plan of the Troubled Asset ...
Bankruptcy is designed to give filers a fresh financial start. Depending on the type of bankruptcy you pursue, many of your outstanding debts will be addressed through a payment plan or paid off ...
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Pages in category "Companies that filed for Chapter 11 bankruptcy in 2009" The following 151 pages are in this category, out of 151 total. This list may not reflect recent changes .
Having a bankruptcy on your record can feel financially restricting. Declaring bankruptcy can cause your credit score to drop significantly and will stick around on your credit report for up to 10...