Bankruptcy Indiana

Usually, in my Indiana bankruptcy blog, I offer job news every couple of weeks.  So many changes are happening in such quick succession, that I am adding an extra bulletin this week.

I see tracking business and job statistics in the state of Indiana as an important aspect of my work as an Indiana bankruptcy lawyer.  My blog readers and Indiana bankruptcy clients need to know what the opportunities are for finding well-paying jobs, as well as to be forewarned about layoffs being discussed.

On the Bankrate website, financial planner Don Taylor discusses the rebuilding process and how rebuilding credit depends upon having the income to make timely payments on debts.  "What's critical is to show a consistent payment history on your remaining debts. Making payments on time is important, and automatic bill payments ensure that happens."
Having that steady flow of income from a well-paying job is the key.

I learned three "neutral" pieces of news:

I learned first about the closing of the the only two Saab dealerships in Indianapolis and Fishers.  Auto dealer Bob Falcone blames all the liabilities for GM warranties.  The good news is that no layoffs are anticipated; Falcone opened a dealership on 16th St. (former Duke Gold's) selling Volkswagen and Suburu, and servicing Saabs, so the employees were able to transfer to the new location.

Another "neutral" item: Norwood (Indianapolis company specializing in promotional products) has filed for bankruptcy but plans no layoffs.  A California private equity firm is buying the company, and the bankruptcy is meant to free up cash.  The hope is to keep all 220 workers in Indianapolis and Auburn. 

Fleetwood Motorhomes in Decatur, IN, filed Chapter 11 bankruptcy, trying to sell itself and then remain in business under new ownership.

 

There was some negative news as well.

Baldor Electric Co. in Columbus (electric motor-vehicle manufacturer and transmission specialist) is laying off 120 employees in June.

Meanwhile, Lauth Property Group filed Chapter 11 bankruptcy last week.  Lauth has already had a series of downsizings and has 88 workers now, down from 450. Unfortunately, more layoffs might be in the works.

Mars Petcare is closing its Portland manufacturing plant, eliminating more than 50 jobs.

U.S. Steel Corp. is releasing 70 employees in Portage, bringing the total layoffs there to 300 since March.

In Evansville, American General Finance announced plans to eliminate 500 jobs.

On the good news side, Dave and Buster's will open an arcade restaurant near Castleton Square Mall and expects to hire 200 people.

Many of my Indiana bankruptcy clients are the owners of small businesses.  I look forward to bringing my readers more details on how the stimulus plan is benefiting small business owners in our state, as well as how the stimulus is helping create new jobs.

Rebuilding financial lives after bankruptcy - those of companies and those of individuals - that's what my work as a bankruptcy attorney is really all about.