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Texas Attorney Reed Allmand Calls GM Hypocritical on Fox BusinessNews



Appearing on Fox Business News, Bankruptcy attorney, Reed Allmand, participated in a panel discussion on the current state of bankruptcy filings related to consumers and the automobile and newspaper industries.





Allmand, who appeared on the Money for Breakfast show with two other panelists, expressed his surprise at the velocity with which Big Autos's bankruptcies may proceed: What we'sre seeing here is something we'sve never seen before in a bankruptcy context, he says. Chrysler may be out of bankruptcy in two months.



And the normal pace by which a bankruptcy proceeds an average Chapter 11 bankruptcy takes 18 months, Allmand stated.



Allmand also believes there'ss a certain hypocritical element to seeing automakers like GM pushing towards bankruptcy while the Bankruptcy Mortgage Modification Bill, which would have helped GM'ss workers and many other Americans, was defeated.



For example, GM now has the power under Chapter 11 to modify the terms of their secured debt and is taking full advantage of that power by cramming down billions of dollars they owed to their secured creditors. The Bankruptcy Mortgage Modification Bill proposed in Congress earlier this year would have extended those same rights to individuals in a Chapter 13 bankruptcy allowing them to modify the terms of their adjustable rate mortgage. However, GMAC Mortgage, a wholly owned subsidiary of GM, lobbied approximately $410,000 dollars to defeat that bill leaving millions of Americans helpless to stop foreclosures of their homes, due to adjustable rate mortgages.




What'ss next for Allmand He says, I will continue to do interviews on radio and television when the opportunity arises. This is wonderful exposure for Allmand 's38; Lee and helps solidify us as the leading bankruptcy firm in the Dallas/Ft.Worth Metroplex area.



W. Reed Allmand is a Board Certified Consumer Bankruptcy Attorney (http://www.allmandandlee.com/) and partner in the law firm Allmand 's38; Lee. He has been practicing for 9 years and has handled more than 5,000 bankruptcy filings. He is also author of the book, The Truth about Bankruptcy. (http://thetruthaboutbankruptcy.com/) Allmand 's38; Lee has offices in Dallas and Hurst. To speak with Mr. Allmand or to schedule an interview, please call (214) 265-0123 or visit us at http://www.allmandandlee.com/






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