Chrysler Declares Bankruptcy

Failing auto-maker Chrysler filed for bankruptcy Thursday, and the Obama administration has laid out a plan for the company's restructuring, which will include an alliance with Italian auto-maker Fiat. You can find the details of the restructuring plan on the Treasury Department's website. According to an article in the Detroit Free Press, Chrysler plans to shut down six of its plants by the end of 2010.

The Free Press article states that Chrysler's bankruptcy will be the sixth largest in U.S. history. In the United States, bankruptcy is handled in the U.S. Bankruptcy Courts, whose website provides a guide to Bankruptcy Basics. To examine every detail of federal bankruptcy law as put forth in the U.S. Code, see Title 11.

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