Top Ten Largest Bankruptcies in History

If you are going through a bankruptcy or even just considering it, you might feel very alone. However, you’re not. More than a million Americans file for personal bankruptcy every year. Big companies and even cities and governments file for bankruptcy all the time.

Here’s a list of the ten biggest company bankruptcies in history.

1. Thornburg Mortgage. Filed for Chapter 11 in 2009, valued at $36.5 billion. The company was liquidated.
2. Chrysler. Filed for Chapter 11 in 2009, valued at $39.3 billion. Became profitable again two years after bankruptcy.
3. MF Global. Filed for Chapter 11 in 2011, valued at $41 billion.
4. Conseco. Filed for Chapter 11 in 2002, valued at $61.4 billion. The company came out of bankruptcy in 2003.
5. Enron. Filed for Chapter 11 in 2001, valued at $65.5 billion. The company never recovered.
6. CIT Group. Filed for Chapter 11 in 2009, valued at $80.4 billion. The company was bailed out by the Troubled Asset Relief Program (TARP) less than two months later.
7. General Motors. Filed for Chapter 11 in 2009, valued at $91 billion. The company was saved by a government bailout.
8. WorldCom. Filed for Chapter 11 in 2002, valued at $103.9 billion. WorldCom left bankruptcy in 2004 and was purchased by Verizon in 2005.
9. Washington Mutual. Filed for Chapter 11 in 2008, valued at $327.9 billion. JPMorgan bought the company.
10. Lehman Brothers. Filed for Chapter 11 in 2008, valued at $691 billion. The company was liquidated.

As the use of debt increase on a personal, business, and governmental level, we see a corresponding amount of need for debt relief. There is no reason for any individual to feel like a second class citizen as a result of needing help. If large multi-national corporations need debt relief then it’s not surprising that individuals will need it as well.

If you find yourself in a financially difficult situation due to debt, you have options. For an in depth look at your situation you should contact a full service debt relief law firm like Harold Shepley & Associates. We can answer any questions you may have about debt relief and bankruptcy. Contact us today at 1-866-284-7062 or visit us at www.shepleylaw.com to find out more information on your debt relief options.

By Harold Shepley | Published April 2, 2012 | Posted in Bankruptcy | Tagged bankruptcy attorney, companies, file for bankruptcy | Leave a comment