GM: A Model for How Bankruptcy Works?

general motors how bankruptcy works

General Motor’s record profit for the year 2011 is making headlines these days, with President Obama and others claiming the profit points to the success of government bailout. Just two years ago the company was in dire straits and filing for bankruptcy; closing plants, winning changes in labor contracts, and losing the weight of weaker

A Picture is Worth a Thousand Words; Kodak Filing for Bankruptcy

Kodak filing for bankruptcy

It is a sad time for film lovers. Wall Street is a flutter with rumor that Kodak may soon file for bankruptcy. Those rumors indicate the film giant has hedged its bets on a “Hail Mary” that might save the company from Chapter 11–specifically, several billion dollars’ worth of patents–but that the company is prepping

The “341 Hearing” – What Should I expect?

The "341 Hearing" - What to Expect

    The “341 Hearing” – What to Expect   The creditors’ meeting, otherwise known as 341 meeting, is a procedural step in every Chapter 7 and Chapter 13 bankruptcy.  In a typical 341 meeting, the debtor will be asked questions under oath by the bankruptcy trustee with respect to his or her financial affairs. 

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