Bankruptcy

GM Finds Solace in Bankruptcy- So Can You!

By writer

Well, GM has exited its bankruptcy protection. YAY!! Oh, wait. It?s not really that great news since the federal government owns 61% of GM stock. BOO! Oh, wait. It?s really not that bad. GM is promising to change their stodgy, clunky, brand-heavy company into a sleek, stream-lined business, ready to go ?to infinity and beyond? (credit Buzz Lightyear).

Of the Detroit-based company?s many brands, only four have survived bankruptcy restructuring: Buick, Cadillac, Chevrolet and GMC. The company has also divested itself of such unprofitable brands as Saab, Hummer, Pontiac and Saturn.

According to Fritz Henderson, GM?s CEO, the company will repay its loans to the U.S. government far earlier than the 2015 deadline. He also said that the auto giant is set to launch 10 new products in this country over the next 18 months and 17 more in countries ?across the pond?. In addition, GM is assessing whether it will need all of the $50 billion that the federal government has committed to keep the company operating, according to company CFO Ray Young.

A GM spokesperson stated that the company is ready to “get back to the business of building great cars and trucks” and better serving customers. Does anyone but me see the intrinsic problem with this? Such as? there are fewer and fewer Americans with the funds to buy a General Motors automobile or any other car maker?s products, for that matter. Especially for main-stream, Main Street Americans living in the highly industrialized states of Michigan, Ohio, Tennessee, Virginia, Indiana and Delaware, buying a new car right is most likely not top priority.

Many of the folk in those states and have already filed for or are on the brink of filing for bankruptcy protection under Chapters 7 or 13. Paying for food, clothing, education, insurance and shelter is much higher on the list of ?must-haves? than buying a new car for most Americans in 2009 (and most likely into 2010).

OK-so GM is saying that their company is coming back strong, but who is helping YOU bounce back from the verge of financial ruin? Let a bankruptcy focused Legal Helpers attorney go over some of your options with you for getting out of debt. It?s very possible that filing bankruptcy is the solution you?ve been waiting for. Contact us today.

Full post as published by Consumer Bankruptcy Blog from Legal Helpers on July 24, 2009 (boomark / email).