Question by Beverly S: If General Motors goes into “orderly bankruptcy” will Salaried Retiree’s loose our pension?
My husband & I are in our 70′s and both retired salary workers from General Motors. Our pension is fixed. It is the same amount since we retired in 1994. As of January 1st, we are loosing all of our health care, because General motors can no longer afford it. When we retired we thought we had health care for life. We also are loosing an extended care policy that “We” have paid the premium on for 14 years, along with the health, dental and vision coverage. Our pension and social security are all we have.
Best answer:
Answer by Nayeli R
Hi beverly
Bankruptcy is definitely the wrong choice for this situation or almost any really! Being in debt is a rough issue to deal with and leaves many people (including myself) feeling confused, depressed and feeling vulnerable. The best way to get out of debt is to get involved with a debt settlement program. I was in 100K of various types of debt and used a debt settlement specialist who was able to negotiate me down to 60K! A 40% debt reduction! My payments almost dropped in half and my interest rates went down to next to nothing! Bankruptcy is the wrong way to go and can even be more costly, not to mention the future reprocussions involved.
I can highly recommend the folks over at American Loan Modification Services. They really know their stuff are are very efficient. Their website is http://www.abcloanmodifications.com/ and the number is 1-877-DR-LOAN-MOD (375-6266). Ask for Michael, it’s who I dealth with.
Hope this helps you out!
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