There have been many bankruptcy cases around the United States, many have been large corporations that have either closed down, or made their way back up. Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors.
One of the largest and well known of all bankruptcies in all of the United States was the General Motors bankruptcy of 2009. With 91 billion in assets, this well known company. GM filed for Chapter 11 Bankruptcy protection in the Manhattan New York federal bankruptcy court on June 1, 2009 at approximately 8:00 am EST. June 1, 2009 was the deadline to supply an acceptable viability plan to the U.S. Treasury. The petition is the largest bankruptcy filing of a U.S. industrial company. The filing reported US$82.29 billion in assets and US$172.81 billion in debt.
Just about a month before GM’s file for bankruptcy, Chrysler Group LLC is a U.S. automobile manufacturer, filed for bankruptcy on April 30, 2009. The Obama Administration rushed to move the ailing automaker into bankruptcy protection so that the company could close a strategic alliance with Italian automaker, Fiat.
On September 26, 2008 Washington Mutual filed for a chapter 11 bankruptcy. All assets for Washington Mutual (which were $327.9 billion) were all assumed by JP Morgan Chase. Washington Mutual Bank holders were still able to continue banking as normal. All deposits held by Washington Mutual became JPMorgan Chase liabilities.
Andres Montejo Lawyer, Attorney for Bankruptcy Miami , is a Bankruptcy lawyer that has years of experience dealing with Chapter 11 bankruptcy. We want to help you with your bankruptcy needs. Contact us today and learn more about our services! We work with foreclosure, mortgage modification, Chapter 13 and Chapter 7. Andres Montejo Lawyer, Attorney for Bankruptcy Miami is more than capable to be your bankruptcy lawyer today!