Blockbuster Files for Bankruptcy

Anyone whos returned a movie late to Blockbuster can enjoy a little schadenfreude now that the worlds largest movie-rental company has filed for bankruptcy.

Blockbuster Inc. filed for Chapter 11 bankruptcy Thursday after incurring an excess of its own late fees -- the company has listed assets of $1.02 billion vs. a debt of $1.46 billion, according to Bloomberg News.

But renters still must return that last movie. The Dallas-based company announced its U.S. business operations would continue as normal while Blockbuster goes through the bankruptcy (reorganization) process.