Bankruptcy

Chrysler Files for Bankruptcy: Employees Consider Personal Bankruptcy Solution

By writer

Back in May of this year Chrysler filed for chapter 11 bankruptcy and announced its plans to merge with the Italian automaker known as Fiat in order to stay in business. This event marked the first time a major auto company in the United States filed for bankruptcy since 1933, (when auto giant Studebaker filed).

The United States government appears to be intervening, again saving the day for a ?pillar? in our industrial economy. But what of the Chrysler employees that are going to lose their jobs in the merge? Being the nation?s third largest automaker, Chrysler definitely has a large number of employees that depend on the company for their monthly incomes. On their website, Chrysler cites their employees as being their ?most important asset?. Unfortunately, it seems that the company will be losing many of these assets during the merging process.

Unless Chrysler employees are willing to learn Italian and move to Italy, they are faced with the very real possibility that they are going to be let go. Many of these workers have families and mortgages, and won?t be able to keep up with their bills if they are laid off from the bleeding company. Though unemployment is an option, it?s doubtful that the benefits will cover their bills.

Luckily there is a viable solution for these troubled workers. Filing for a personal bankruptcy may be able to help them discharge a considerable amount of debt and get a fresh start. It?s kind of bizarre though, that the solution to losing your job at a bankrupt company could be filing for bankruptcy yourself. Who would have guessed?

If you?ve been laid off or feel helplessly in debt like some former Chrysler employees, there is help available to you. Contact Legal Helpers for more information regarding personal bankruptcy as the solution to your financial difficulties.

Full post as published by Consumer Bankruptcy Blog from Legal Helpers on July 15, 2009 (boomark / email).