Bankruptcy happens to a lot of people. Corporations use it as a smart move in tough times.

Today, Jackson Hewitt, the second largest tax preparation company, filed for bankruptcy protection. The largest credit, Bayside Capital, is expected to take over the company. Unsecured creditors should have no funds available for distribution but the company expects to remain in the tax preparation business.

It is said that only about 88 office of the current 5,900 will be closed.

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