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A bankruptcy attorney in Indiana – actually anybody in Indiana – has to care about the future of GM.  And actually, as a debt consolidation lawyer offering bankruptcy services in Indiana, I’ve been sharing news about the GM bankruptcy with my clients and Bankruptcy in Indiana readers from the beginning.

A few weeks ago, I wrote these words: “Tracking Indiana employment statistics is like riding an emotional roller coaster.”  Well, as I was telling some colleagues who are bankruptcy lawyers in Columbus, the GM saga has been like a roller coaster and then some, and the drama continues…..

The reason the fate of the GM stamping plant is such an item of interest for all the Anderson, Bloomington, Indianapolis and Columbus bankruptcy lawyers who work in the Zuckerberg bankruptcy law offices can be summed up in one word – jobs! As I’ve repeated so often, successful emergence from bankruptcy in Indiana is absolutely dependent on the availability of well-paid jobs.

As of this writing, here’s where things stand:

• GM is negotiating the sale of its Indianapolis stamping plant to JD Norman Industries.
   
• If the sale should fall through, GM plans to close the Indiana operation and move the machinery to Michigan and Ohio.

What’s the significance of all this?

• One of the JD Norman conditions for purchase is that union workers agree to lower wages.  The buyer says the plan could employ 2,000 at the lower wage (650 work there now).
   
• Indiana has lost 200,000 manufacturing jobs over the past ten years.
   
• GM Indianapolis is one of the city’s largest taxpayers
   
• The debate within the union continues: As one GM worker put it, better having a job making less money than no job making no money!

On behalf of those emerging from bankruptcy in Indiana, I can’t help but agree.  Those who’ve filed bankruptcy Chapter 7 in Indiana want their chance at a fresh financial start.  It take jobs for that to happen.

Then, of course, those who filed under Chapter 13 bankruptcy law in Indiana need income to keep up with their court-supervised debt repayment plans.

All the good bankruptcy attorneys in Indiana who work with me are rooting for GM stamping plant jobs to remain right here in Indiana!

 

 

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