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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

How Will The GM Bankruptcy Affect You?

Posted By admin || 2-Jun-2009

General Motors, America's largest automaker has filed for Chapter 11 bankruptcy and a lot of Americans are wondering just how the bankruptcy will affect their life.

Well let's look at the basics:

  • If you work for GM, you may face job losses or reduced salary or benefits during the GM bankruptcy.
  • If you are a GM retiree, you pension is safe, for now; but dental and vision benefits will be cut starting July 2009. Also be prepared for higher co-pays for medical visits and medication that will most likely remain high even after the bankruptcy.
  • If you own a GM vehicle under warranty, you warranty is still good.  The federal government has already promised to back all warranties of bankrupt automakers.
  • If you're trying to resell your GM vehicle expect to get a lot less for it than you would have if GM didn't file bankruptcy.
  • The GM bankruptcy will not negatively affect the availability of auto parts for you GM vehicle.
  • If you own GM stock, you shares may be worthless or nearly worthless.

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