My thinking is . That the people make too much money. Average 75 dollars an hour. They have the unions to fight for them.That cost a lot.They have big payout to their retirees. Why can’t they take a cut in pay? Get rid of the unions. have all the upper management take no bonuses. There is so much they could do to cut cost. My brother worked there for 3 years and was given 100 thousand dollars and a free car. This was fine and dandy till they couldn’t afford it anymore.

All the money they could have saved ,could be used to making fuel friendly cars at lower prices. Why by a ford,gm or chrysler, when it cost you more and the product is worse than the foreign cars?. You are paying 30 more per hour to get your domestic car. This is one side and I realize there are some benefits to helping them.I will write that latter. Plz don’t get offended I just want to hear all sides to this story.
Carguy I thought it was lower also. Today it was reported on cnn that the average was 75 per hour while `Japanese cars were 45.per hour. Like I said I know there is another side to this story. My family worked for GM and I am just saying what it feels like for people who do not have such cushy benefits. You know you would rather got down to 50 dollars and hour than not have a job at all.

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The auto industry, at least the American side of it, is struggling right now. And it looks like one or two of them may go under. I was wondering just how much of a cut we’d see in the prices if that company would fail. Example: if Ford goes bankrupt, how much do you think a new Mustang would cost?

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The William D ford Federal Direct Loan Program, can you file bankruptcy on something like this?

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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?

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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

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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!

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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?

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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!

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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!

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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?

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