According to an article in the Star-Telegram, General Motors Corp. and Chrysler LLC are running up against the clock of today’s deadline to submit their restructuring plans to the Federal government.

The article said:

Both automakers were making progress in concession talks with debt holders and the United Auto Workers Union, and negotiations between GM and the union ran all night into Tuesday morning, a person briefed on the talks said Tuesday.

Will the automakers avoid bankruptcy?

And if so, at what cost to the American worker? Already, both automakers have cut deals and suffered job losses that have dealt a heavy blow to workers, many of them already teetering on the edge of foreclosure or personal bankruptcy.

Bondholders and creditors want to cut costs and increase profits which often means more job losses for the ordinary worker or at least deep salary and benefits cuts which can cause huge financial pain for workers living on tight paychecks.

Workers need to be prepared and consider all of their options when facing a corporate bankruptcy or possible job loss. Personal bankruptcy is often the best solution for workers who are facing massive salary cuts or a job loss that threatens their financial stability.

If you are already struggling to pay your debts and you’re facing an unstable work environment and suspect that you may lose your job, speak with a bankruptcy attorney to find out how you can protect your assets.