According to an article in the Dallas Morning News, some GM and Chrysler dealerships in the Dallas-Fort Worth area are preparing to close. GM and Chrysler, who are both in bankruptcy have slated hundreds of underperforming dealerships for closure. There are 8 Chrysler dealerships in Dallas-Fort Worth and 50 throughout Texas who will shutter by next week. Many dealership owners expressed their shock and anger regarding the closures.
The article quoted Will Churchill, who co-owns the dealership with his sister Corrie Churchill:
"I think it's changed the way I view life in general," Churchill said. "In the past, I thought GM would never go bankrupt, Chrysler would never go bankrupt, and we had a long-term business partner we could trust."
It's understandable that Churchill would believe that two of the big three automakers would never go bankrupt; but it is not a realistic assumption. Some of the biggest and most successful companies have filed bankruptcy and emerged healthier and more successful because of it. Bankruptcy has been and will continue to be used when a company's or individual's debt becomes unbearable.
That's why bankruptcy exists, to give financially troubled companies and individuals a fresh start financially. If you are an individual or business owner drowning in debt, contact with a Dallas-Fort Worth bankruptcy attorney to find out how bankruptcy can help you.