Lenny Dykstra, who once starred in center field for the New York Mets and Philadelphia Phillies, has filed for Chapter 11 bankruptcy protection. Dykstra, 46, retired in 1996.

Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. Many people do not realize that there are five types of bankruptcy options available under the U.S. Bankruptcy Code; however, for most consumers there are really only two viable options; Chapter 7 and Chapter 13 bankruptcy.

Chalk this bankruptcy filing up to yet another really leveraged commercial real estate deal crafted at the peak of the market, based on unrealistic expectations for future growth. Extended Stay Hotels filed for bankruptcy on Monday. Who were the crack real estate lenders who facilitated this transaction? Why Bear Stearns and Wachovia. Hmmm, those names sound sort of familiar.

There are still folks out there who praise our system of Private health care coverage. The right wing warns us of the dangers of "Socialized medicine." I do not know about the dangers of "socialized medicine," - if such a thing even really exists anywhere on earth! -but the dangers of Privatized health insurance are clearly enough. Not only are 47 million Americans not able to afford insurance and so left without it, a new study has found that 60% of Bankruptcy cases are cause directely by health care bills.

In 2007, before the current economic downturn, an American family filed for bankruptcy in the aftermath of illness every 90 seconds; three-quarters of them were insured. Over 60% of all bankruptcies in the United States in 2007 were driven by medical incidents.

Monday's announcement of General Motors' bankruptcy filing drew out fierce criticism from people of all political spectrums who had lots to say about GM's business model, why things went wrong, and what awaits the company in the future.

Now that the GM Bankruptcy news is already over, General Motors spent no time in releasing the 2009 list of GM plant closings. However, GM made it clear that despite plant closings the small cars are still coming.

In the most predictable event in bankruptcy history, GM is finally filing for Chapter 11 this morning. The U.S. Government will wind up owning a majority of the company with plans to inject another $30 billion in order to keep operations going while the creditors hammer out the details during the bankruptcy process. US auto giant General Motors bankruptcy protection is the third largest bankruptcy filing in US history.

Yellow pages publisher RH Donnelley bankruptcy filing resulted in Fitch Downgrade. RH Donnelley also publishes 600 directories. Fitch today released through Business Wire the following release on RH Donnelly action.

One of the largest auto parts supplies Visteon announced bankruptcy and filing for Chapter 11. Visteon say it's entities outside the U.S. will be unaffected and the company will continue to operate throughout the bankruptcy restructuring process.

GM bankruptcy is as certain that if it happens it may not bring any surprises to buyers, sellers or the analysts. However, GM may not file for bankruptcy this week.