The United States Government has invested billions of tax payer dollars into GM, Chrysler and Ford. I personally been against the government being involved with private industries and financial institutes.
Did you know that when a individual or corporation files for bankruptcy their dept is erased and their assets are liquidated.
How much of that money will the government get back?
What is the key to Ford’s ability to keep afloat when Chrysler’s already filing bankruptcy and GM’s filing is inevitable? Is it the way the company is run? Is it the products? What’s making the difference?
US industry GM, Ford, Chrysler, Steel. etc were critical to America surviving and winning WW ll, Korea, etc.
These factories could be bought by Muslims with our money, then the doors shut, workers laid off, the plants dismantled and junked or shipped out of the country. With no defense left for the country, how will we feed all the poor? And stop the barbarians from sacking the country?
Both husband and I lost our business because of the economy-in construction. We are unable to collect unemployment. We have an small income coming in from another source. When we could not make a payment in early March we called Ford Motor Credit to discuss the situation. They stated that they were all for working with us they did not want the vehicle back. They would send us paperwork to have the loan rewritten. Never got the paperwork. So we called again asking for the paperwork. Person we talked to said there was nothing listed about that she just wanted payment. We went round in circles. Finally on March 23, we spoke to someone who knew what we were talking about and said the paperwork would definitely go out. Still have not received paperwork. Also explained that we were going to file bankruptcy. Bankruptcy was filed on March 30th. Ford Credit got notification of filing on March 31 though E-mail-verified by attorney. Sunday evening April 5th. 2 thugs came to repo the vehicle. The repo guys thought it would be an easy take. However, the key Ford sent them didn’t work. They were really pissed, came pounding on the door and yelling open the door we want the keys or they would tow it. They were going to get it no matter what. Said we had filed bankruptcy and they could not take it. While I went to get the notice we got from the court. They continued to bang on the door and yell. My son in the meantime called 911. Showed them paperwork we got from the court through the glass door. I am female and these guys were hugh and the way they were acting I felt my safety was in jeopardy. They said the paperwork was garbage and they had a legal court order to take the vehicle. Got notice to pick up the vehicle on the 3rd. Husband came home and they were all over him. Told them all the cops had been called and they got even madder. I told them that they had no right to come to my house, continually bang on the door and yell and they were very threatening where I felt my safety was in issue. They guy rushed towards me and his face came so closed to mine that I could smell his breath. He is twice my size. My son thinking the guy was going to hit me came running up and pushed the guy away from me telling him to get away from me. Then the repo guy also decided to call the cops. Just before the cops came they settled down. I told the cops what happened, said they guys were definitely out of control in the manner in which they did this. Cop said to let them take the vehicle, Ford could be held liable. By the time the repo guys left with the vehicle things were calm. Monday morning we called our attorney, he told us to call Ford Credit and yes they had been notified of the bankruptcy and the paperwork we showed these guys was a legal notice from the court. Just as we were going to call Ford Credit, Ford called. Some guy wanted to discuss the missed payment- which is another violation. He had no clue that we file BK and that the vehicle had been repoed. Stunned-or seemed to be-when I told him of the treatment we received Don’t’ these departments talk to each other. He wanted to know what he could do to make this situation better-guess he was trying to cover for Ford. What recourse if any should we take-have not discussed options with attorney yet? Today we have to call Ford back at a number what was given us to reclaim the vehicle and then call the attorney back. Help, what should we do as far as Ford is concerned? This whole thing has left me a mess, cant sleep, eat, I am still so nervous my hands are shaking. Please save the nasty comments for another time. The repo guys said it all.
To Missy it was the only one payment missed, and as of yesterday it is 2. You got the whole story. Also, attorney said that the vehicle was protected under the bankruptcy code. We can decide if we want to reaffirm or whatever you call it. Attorney also told us to call and get to the vehicle back. At this point, as suggested, I don’ think I want it back.
Most of Congress has decided that bailing them out is not worthwhile because it won’t work anyway and they’ll just need more money in a matter of months. I agree with this. Some in Congress point out that a car company cannot survive in bankruptcy because need for parts and service are on-going and who the heck is going to buy a car from a bankrupt company (unless the car is sold well undervalue)? I think that’s also correct. So here’s what I think is the only real solution: All 3 should merge and form one company which, of course, will mean lay-offs, but not nearly as bad as the alternative. This single company would still be competing against foreign auto makers, so there are no worries about a monopoly.
Does anyone else agree with me? If not, what do you see as the alternative? Remember — letting these companies go out of business means 2 – 3 million workers losing their jobs.
Please offer the alternative to what I’m suggesting and why yours is a good idea.
Dewey, I agree, but in the meantime these 3 auto makers are on the verge of going out of business. The CEOs of GM and Ford told Congress their companies would be out of business within a year unless they received a bail-out — which they didn’t receive. Don’t even get me started about their corporate jets — what a disgrace!
I have 3 small children and I just got divorced 2 months ago. I will be filing for bankruptcy next month. In our divorce papers it said I was responsible for two debts, a Target card bill, (which I was never on the account my ex said I had to have more than one bill on my side for our divorce to go through) and a joint car bill of which I was the co-signer on the vehicle. My exhusband got letters today stating that Ford is taking him to court, and so he called up Ford and because I’m on government assistance Ford said since he’s the primary they’re going after him. So he says he’s going to countersue me for the money… is that a possibility?
When will they stop making crappy cars? I heard about 90% of toyota cars bought in the 90s are still out there.
The other day while I was driving I decide to count how many cars out there are Japanese or Americans. Every other car there was a Honda, Toyota, or Nissan. These three are the market leaders. I thing with dont need the american big three. my 95 corolla I would nto change it for a 2000 ford.
I know we’ve had Ford GM and Chrysler for a long time, but what should happen if our car companies go out of Business, and how are we going to manufacture or transportation?
Ok so I’m in the middle of a chapter 7 bankruptcy, and I had applied for FAFSA online for school. It came back with a Direct Loan through William D Ford Direct Loan. Now this is a government loan based on my need, not on credit or anything. Is this going to mess with my bankruptcy? My lawyers aren’t available to talk to for another few days and im freaking out. HELP
Brief background: Moved from one state to another for a job, which was lost. Income has dropped to about 50% of what it was. We’ve gone through our savings to try and pay things. Bring home pay now covers ONLY new house payment, utilities, groceries, life insurance, and government student loan. Have previously surrendered 2nd vehicle, (1st vehicle is paid in full). Old house in old state foreclosed on and being sold tomorrow. Credit cards remaining unpaid and sent for collections, etc.
My question is this: should bankruptcy proceedings begin or should we continue as is? What, if anything, can our creditors do to us (other than trash our credit – which has already happened). We live in Texas. I would appreciate any suggestions. However please refrain from replies such as "get a job", because we are both working full time jobs and have cut ALL unnecessary spending. We dread the thought of bankruptcy, but see no other alternative.
We’ve done the credit counseling, etc., and the funds are simply not there.
Can they garnish wages for debt in Texas?
Thanks for the replies so far – I appreciate it.
The one vehicle we have is paid in full and is a 1999 Ford Ranger – not new. Excellent comments everyone – thanks!
TN has the higest rate of personal bankruptcies in this country.
Obama voted against the 2005 BK bill which Bush signed into law. McCain voted for it.
This new law was a gift to the CC/banking industry & has caused many who need the fresh start of BK more hardship.
Yet, McCain is probably going to win TN in the general election.
He will never make any amendments to this law. Given the chance, Obama may.
This is so sad that some people in TN will vote against their own best financial interest, having been brainwashed to thinking things like flag pins are more important.
Some of you who would judge anyone who has filed bankruptcy have not walked in anyones elses shoes & like the Bible says, you heap judgement upon yourself when you judge others.
You may have your plans now and there is nothing wrong with that, but God may have other plans for you someday and you may need the protection bankruptcy offers!
Abe Lincold did. So did Henry Ford, Walt Disney and many others!
If they do go bankrupt, won’t that leave the small suppliers holding the bag for money owed to them by Ford, Chrysler, and GM? How would that impact the economy?