Chrysler is expected to file for Chapter 11 bankruptcy today. They will receive up to $3.5 billion in operating loans and another $4.5 billion in exit financing when it exits bankruptcy in 1 to 2 months.

There will not be immediate plant closures or job cuts resulting from the filing. Chrysler will be sold to a new government created company and will name a new board of directors as a result of the bankruptcy.

If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.