San Jose Bankruptcy Attorney comments on the biggest bankruptcy filings of the decade.
San Jose Bankruptcy Attorney comments on the biggest bankruptcy filings of the decade.
The first decade of the 21st century saw some spectacular bankruptcy filings among the largest corporations in the United States. The decade began with the dot-com bust and ended with a grinding recession that took down some of Wall Street’s largest players. The majority of the bankruptcy filings were Chapter 11 reorganizations, but there were some significant Chapter 7 liquidation proceedings.
Here is a listing of the largest bankruptcy filings of the decade that ends this week:
2001 Pacific Gas and Electric: $36.1 billion – utility was caught unable to sell energy it had purchased for more than it paid.
Enron: $65.5 billion – massive accounting fraud and insider trading scandal brought down one of the world’s leading energy companies.
2002 WorldCom: $107 billion – massive billing fraud forced the second-largest long distance company into what was then the largest bankruptcy in U.S. history. Company changed its name to MCI and was purchased by Verizon in 2005.
Conseco: $61.4 billion – insurer branched into the mobile home financing industry which proved to be unprofitable and forced the firm into bankruptcy.
2008 Lehman Brothers: $691 billion – by far the largest bankruptcy in U.S. history was at the center of the subprime mortgage collapse.
Washington Mutual: $327 billion – the largest bank failure in U.S. history was caused by the subprime mortgage collapse and the Lehman Brother bankruptcy causing a run on the bank.
2009 Chrysler: $39.3 billion – the first U.S. automaker to file for bankruptcy since Studebaker in 1933 was aided by government intervention and was sold to Fiat.
General Motors Corporation: $91 billion – another government intervention case that resulted in the elimination of the Pontiac and Saturn brands, the sale of Hummer to a Chinese company, and the closing of the Saab unit.
CIT Group: $71 billion – lender to small and mid-sized businesses is still in bankruptcy court after losing $3 billion over two years.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
