' 3 Big Bankruptcy Stories from 2022 - Law Offices of Robert M. Geller, P.A.

3 Big Bankruptcy Stories from 2022

bankruptcy storiesBankruptcy is a serious financial decision that can have long-lasting effects. This is true even for multi-million dollar businesses. In 2022, many of the world’s best-known companies added to bankruptcy stories of their own.

No matter whether you own a business or you’re dealing only with your finances, it’s important to be informed and understand what bankruptcy means before making this decision. That being said, it can also be helpful to look at stories of other people who have gone through bankruptcy and come out on the other side. Let’s take a look at some of the biggest bankruptcy stories from 2022.


JCPenney has been struggling to keep customers and stay competitive with changing consumer tastes, online retailers, and the abrupt end of a partnership.

In November 2020, the US Bankruptcy Court for the Southern District of Texas approved the sale of the retailers to its two largest landlords and its primary lenders.

To combat this issue they made several changes such as remodeling stores, offering new major brands, and upgrading technology for its website experience. Despite the changes, visits to all JCPenney’s stores in October decreased by nearly 30 percent this year. Even their web traffic saw minimal growth increasing by 1.26 percent.

The company has closed a third of its nearly 850 stores since 2020. According to the retailer’s CEO, JCPenney this move put it on a secure path for the future as a private company and plans to continue to serve our loyal customers.

Golden Corral

The pandemic created a bleak situation for the buffet restaurant. The chain shut down half of its locations throughout the pandemic.

But it seems like they’ve managed to turn things around in 2022.

There are nearly 400 Golden Corral restaurants in the United States. The state with the most is Texas, which is home to about 14 percent of all Golden Corral stores in the country

Surprisingly the restaurant increased its revenues from last year.

Current rumors of the company’s future appear to be based on nothing more than social media chatter.


It’s impossible to have escaped news about FTX in the weeks leading up to the holidays. The crypto company filed for Chapter 11 bankruptcy protection, and FTX indicated that it had more than 100,000 creditors. Financial experts believe that number might be as high as a million creditors.

In most large-scale bankruptcy cases, debtors must provide a list of the names and addresses of the top 20 unsecured creditors, the lawyers said. This could prove difficult for FTX with such a large group of creditors.

FTX’s meteoric rise as a crypto trading platform inspired many, with the company valued at $32 billion and boasting over one million users. Unfortunately, its collapse has caused investors to lose confidence in the industry resulting in an exodus of funds from exchanges.

Bankruptcy is never an easy decision but it can be necessary when dealing with extreme financial hardships or situations beyond your control such as illness or job loss. These stories demonstrate how even large companies struggle financially and could benefit from bankruptcy.

It’s important to remember that while each situation is unique there are always options available if you find yourself considering filing for bankruptcy protection or restructuring your existing debts. Taking the time to research your options thoroughly will help ensure that you make an informed decision regarding your finances moving forward into 2023 and beyond.

If you are struggling with debt and considering bankruptcy in the New Year, it’s important to contact an experienced bankruptcy attorney. For more information, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.


Video Testimonials

Tampa Bankruptcy Law Blog

Can I Lose My House If I File for Bankruptcy

The potential loss of your house when filing for bankruptcy depends on various factors. These include the type of bankruptcy...
Read More

What Can You Write Off in Bankruptcy?

Many people filing for bankruptcy aren’t sure what debts can be discharged, or "written off," through bankruptcy. It’s important to...
Read More

How Often are Bankruptcies Denied?

Bankruptcy offers a lifeline for people drowning in debt. It provides a chance to start anew and regain financial stability....
Read More

How Much Debt Should I Have Before Considering Bankruptcy?

Dealing with overwhelming debt and financial hardship is difficult. The prospect of bankruptcy may offer a path toward relief, as...
Read More

How Long Does Chapter 7 Bankruptcy Take to Discharge?

Chapter 7 bankruptcy offers a fresh start and a path toward financial stability for people struggling with debt. But when...
Read More

Does Business Bankruptcy Affect Personal Credit?

Does Business Bankruptcy Affect Personal Credit? For entrepreneurs and business owners facing financial challenges, the prospect of business bankruptcy can...
Read More

Can I Get an Apartment After Filing for Bankruptcy?

Filing for bankruptcy often feels challenging and overwhelming. It also raises a variety of concerns. One of the most common...
Read More

Are SBA Loans Dischargeable in Bankruptcy?

Navigating the complexities of Small Business Administration (SBA) loans and bankruptcy can be a daunting task for many business owners....
Read More

How to Get Bankruptcy Off of Your Credit Report

Rebuilding financial health after bankruptcy is challenging, but that doesn’t mean filing is worth the effort. One common concern for...
Read More

What Happens When You File for Bankruptcy?

Contemplating bankruptcy is a significant decision that comes with many questions. If you're considering filing for bankruptcy, it's essential to...
Read More


For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More


We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation


Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions