Legal Question in Bankruptcy in Florida

Daewoo Motor America , Notice for filing Proof of Claim and Interest
I have a 2001 Daewoo Nubira with an outstanding loan balance of $12,723. Due to Daewoo Motor America, Inc. being in Chapter 11, the court set a bar date of Nov. 18, 2002 as the last day to file prof of claims against the estate of Daewood Motor America, Inc. DWMC in Korea also declared bankruptcy in Nov. 2000. DWMC has advised DMA that it will support manufacturer specific warranty repairs for vehicles sold in the U.S. until a new company (GM Daewoo) is formed and able to assume responsibility for warranty repairs. DWMC is responsible for the cost of providing the manufacturer's waranty repairs. Is the devaluation of the vehicle's average retail and trade in price, the dicontinuance of the scheduled maintenance programs, the slowdown of parts availability and the refusal of certain dealers to perform warranty repairs, suffice as proof of claim in U.S. Bankruptcy court? If so, how does one assign a claim loss value to this?

Asked on 9/25/02, 10:28 pm

Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

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Re: Daewoo Motor America , Notice for filing Proof of Claim and Interest

I very much doubt it. But go for it if you can prove up a claim. In any event, you will still have to pay the balance on the note.

Answered on 9/26/02, 5:52 am

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