If Chrysler Can File Bankruptcy, Why Can’t I?

30 Apr If Chrysler Can File Bankruptcy, Why Can’t I?

You can.  And maybe you should.

“No one should be confused about what a bankruptcy process means… [It] is not a sign of weakness…”  This is what President Barack Obama said today in discussing the fact that Chrysler is declaring bankruptcy.  Obama said that Chrysler’s bankruptcy was “…one more step on a clearly chartered path to Chrysler’s revival.”

Obama is correct.  Bankruptcy is not a sign of weakness.  Of course nobody WANTS to file bankruptcy, but when the financial stress becomes overwhelming, bankruptcy is a clear path towards your economic revival.

Chrysler filed for bankruptcy today because a group of their creditors wouldn’t work with them.  Are your creditors refusing to work with you?  Clearing their debts was a needed step for Chrysler, and it may be for you too.

Obama said that the bankruptcy will give Chrysler “a new lease on life”, and that he had “every confidence that Chrysler will emerge from this process stronger and more competitive”.

If it is the right thing for Chrysler, maybe it is the right thing for you too.

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Peter Orville is a bankruptcy lawyer in Binghamton, located in the Southern Tier of New York. He is a member and New York co-chair of the National Association of Consumer Bankruptcy Attorneys.
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