American Airlines and its parent company, AMR Corp., have announced that they have filed for bankruptcy protection affter the high price of fuel anda labor issues has caused major debt.

American Airlines is the nation's third largest airline and although many airlines began to make profit again a few years ago, American Airlines did not. On Tuesday the CEO of AMR Corp. stepped down and the company's president replaced him.

The board of directors for the airline decided to file for bankruptcy after a unanimous vote. Officials have said that travelers should not be affected and flights will operate normally during this reorganization process. American Airlines was the only large airline company that did not file for bankruptcy protection after the terrorist attacks in 2001 when there was a large decrease in the amount of people that were flying.

If you or a loved one has been struggling with debt and would like to learn more about how bankruptcy may be able to help you reorganize, contact the Arizona Chapter 11 bankruptcy lawyers of the Harmon Law Office by calling 480-829-0494 today.