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June 2014 Archives

GM case illustrates limits of business bankruptcy protections

Earlier this month, dozens of claims tied to the recent General Motors defective ignition switch recall scandal were consolidated and sent before a federal court for matters of pretrial discovery. General Motors hopes that the process will continue to progress in such a way that federal courts will honor certain terms of the company’s business bankruptcy so that the company will not be held liable for harm done to certain plaintiffs currently pursuing action against it.How can bankruptcy protections keep GM from liability for harm done in accidents tied to its defective ignition switches? When GM was restructured under business bankruptcy protections several years ago, a federal bankruptcy judge held that GM would be shielded from liability for harm caused by models manufactured before the company was restructured in bankruptcy.

Preparing to negotiate with creditors

If you are struggling with overwhelming debt, you may be confused about which debt relief options are available to you. If so, speaking with an attorney experienced in matters of debt relief may be a good idea. While it is possible that the best option for your particular situation is to file for Chapter 13 bankruptcy or some other form of personal or business bankruptcy, it is also possible that the best option for your situation is far less intensive.

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