"BP North America is looking for options to protect itself against large claims stemming form the April 20th oil spill and bankruptcy filing would give the Company that shelter and protection from any lawsuit.
Sources confirmed last night that BP North America’s legal counsel is looking into the option to protect itself from what may become the largest settlement ever. A bankruptcy protection, or Chapter 11 filing, would shield the company from any and all claims filed against BP until it restructures its debt and obligations before emerging from the court ruling.
NOAA Says BP Oil Spill Already 142 Miles Spread
Such a filing would mean that any individual or business that has joined a class action lawsuit against BP North America due to loss of jobs or damage due to the oil spill will have to wait and see whether they will ever get compensated.
That is bad news for Alabama, Mississippi, Louisiana and Florida as well as any local business owners since they will be considered secondary creditors for the duration of the bankruptcy protection." More>>>>
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Most people filing bankruptcy are most concerned with keeping their houses and cars. For your house, you will be able to keep it if you are not delinquent on the mortgage. If you are, then the property will go into foreclosure, and you will likely lose it. Sometimes, however, there is enough equity in the property to force you to sell the home to use the equity to repay what you owe. This varies tremendously from state to state. It also varies depending on whether you are filing Chapter 7 or Chapter 13 bankruptcy.
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