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Bankruptcy is a legally declared inability by an individual, or business, to pay their creditors. The declaration is known as seeking bankruptcy protection (from creditors) or initiating a bankruptcy filing. Unsecured debts — like credit card balances — are typically in peril in bankruptcy filings. But recent changes to the U.S. bankruptcy code have seen more consumers forced to file Chapter 13, which requires a debt repayment plan, rather than Chapter 7, which effectively wipes out unsecured debt.

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Encore Capital Group Closes Acquisition of Grove Capital Management

Encore Capital Group, Inc. (Encore), an international specialty finance company (NASDAQ: ECPG), Tuesday announced that it has closed its acquisition of a controlling stake in Grove Capital Management, a management company that purchases credit portfolios and has a focus on UK insolvencies and Spanish assets. The acquisition has received regulatory approval from the Financial Conduct Authority in the UK.