ABC News reports that BP itself may suffer a "top kill" as a result of the horrendous environmental disaster created by the explosion of the oil rig.
BP might have thought itself safe because a Louisiana law limited liability to under a billion dollars, but Obama extracted a promise - in writing - from BP CEO Tony Heyward to pay the whole bill for the cleanup. That's an amount beyond even BP's ability to pay.
Thus, BP's share price keeps getting dragged down and the BK rumors are swirling like the gooey stuff on the ocean waves. What's all this have to do with consumer bankruptcies? Just that whether you're an individual or a megacorp, one's fortunes can turn quickly - whether it's a real estate investment that goes south (in the case of many an individual these days) or one project that suffers a "perfect storm" of negligence, malfeasance and bad luck.
You may not be responsible for the worst environmental disaster in history, but you may still need the protection of the bankruptcy court. When you do, contact me at 707-544-5354 for a free evaluation of your circumstances.
