Temecula Bankruptcy Attorneys Can Help Stop Foreclosures By Filing

In the world of public finance, Orange County, California, has long had an unfortunate distinction: In 1994, the county filed the largest municipal bankruptcy declaration in history, seeking court assistance to restructure $1.7 billion in debt. This month, however, Orange County finally lost its dubious claim to fame. On November 9, political leaders in Jefferson County, Alabama ? home of Birmingham, the state?s largest city ? asked a federal bankruptcy court to help the county restructure debt of more than $4 billion. The county?s debt burden stems from a disastrous investment in a local sewer system and amounts to nearly $7,000 for each of the 658,000 men, women and children who call the county home. That a bankruptcy declaration of such magnitude is possible has raised alarms nationally over whether more municipal crises may be on the way. In this explainer, Stateline examines what it means when a municipality files for Chapter 9 bankruptcy ? and why states should care. What is Chapter 9? It?s the portion of the federal bankruptcy code that applies to municipalities. Created by Congress in 1937, it allows municipalities to seek court protection in the event of fiscal crisis and is meant to ensure that basic government functions can continue while policy makers restructure their debt. Chapter 9 differs from other sections of the bankruptcy code, such as Chapter 11 and Chapter 13, which generally provide court relief to cash-strapped businesses and individuals, respectively. Who can file for Chapter 9? Only municipalities ? not states ? can file for Chapter 9. To be legally eligible, municipalities must be insolvent, have made a good-faith attempt to negotiate a settlement with their creditors and be willing to devise a plan to resolve their debts. They also need permission from their state government. Fifteen states have laws granting their municipalities the right to file for Chapter 9 protection on their own, according to James Spiotto, a bankruptcy specialist with the Chicago law firm of Chapman and Cutler. Those states are Alabama, Arizona, Arkansas, California, Idaho, Kentucky, Minnesota, Missouri, Montana, Nebraska, New York, Oklahoma, South Carolina, Texas and Washington. The remaining states all want a say in the process, in some cases requiring that municipalities receive state approval before they file. One of those states, Pennsylvania, is now in the process of challenging the bankruptcy declaration made by its own capital city, Harrisburg, in October. Georgia is the only state that does not allow its municipalities to file for bankruptcy under any circumstances. Georgia municipalities in severe fiscal trouble ?are left to work things out within the state political system,? says Paul Maco, a municipal bankruptcy expert and partner with the Vinson & Elkins law firm in Washington, D.C. That could include asking the legislature for emergency funds. States have plenty of serious fiscal problems, too. Why can?t they file for bankruptcy? States have not been granted that authority by Congress, nor have they sought it. The idea of allowing state bankruptcy was floated earlier this year by Newt Gingrich, the former U.S. House speaker and current presidential candidate, and Jeb Bush, the former Florida governor. In a Los Angeles Times op-ed, the two Republicans argued that bankruptcy would be a way for strapped states such as California and Illinois to tackle their enormous debts, particularly for public pensions and other retirement benefits. State leaders from both parties repudiated the idea. ?The mere existence of a law allowing states to declare bankruptcy only serves to increase interest rates, raise the costs of state government and create more volatility in financial markets,? Nebraska Governor Dave Heineman, a Republican, and Washington Governor Chris Gregoire, a Democrat, said in a joint statement. The last time any state came close to bankruptcy ? by defaulting on its loans? was during the Great Depression, when Arkansas racked up $160 million in debt on what was then a $14 million annual budget. How common are municipal bankruptcies? Very rare. Since 1937, when Congress added Chapter 9 to the federal bankruptcy code, about 620 municipalities have filed for bankruptcy. That?s fewer than 10 a year. In the last year alone, by comparison, there were nearly 12,000 bankruptcy filings under Chapter 11 and 418,000 under Chapter 13, according to the administrative office of the U.S. Courts. Most municipalities that do file for bankruptcy are special tax districts and small jurisdictions that do not issue public debt. Municipal utilities are a common example. What happens once a municipality files for Chapter 9? Municipal finances move into the jurisdiction of the courts, but not in the way that corporate or personal finances in Chapter 11 or Chapter 13 cases do. Under those sections, courts have broad leverage to control the finances of the company or individual to chart a path forward. In addition, creditors have more leverage, such as by foreclosing on the home of a bankrupt individual. In Chapter 9 bankruptcy, creditors cannot, for instance, foreclose on a municipal building to recoup the money they are owed. More importantly, the courts themselves have no authority to make spending or other policy decisions on behalf of the municipality. That power remains with the locality under the U.S. Constitution. Under Chapter 9, municipalities must come up with their own debt restructuring plans, and courts approve or reject it with input from other stakeholders. Source: stateline.org Source: filebankruptcyco.com Source: filebankruptcyco.com Source: businessbankruptcyco.com Source: bankruptcylawyersco.com Source: bankruptcycaliforniaco.com Source: debtreliefmag.com Source: debtreliefmag.com Source: debtreliefmag.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com
Source: foreclosureattorneyco.com

Video: Orange County Bankruptcy Attorneys ? Chapter 13 Bankruptcy

File Bankruptcy Under Supervision of Orange County Bankruptcy Lawyer

??Texas, Gonzalez de la Garza Genealogy Collection ??Vermont, Vital Records, 1760-1954 ??Washington State County Land Records, 1852-1935 ??Washington State County Probate Case Files, 1832-1950 ??Washington State County Records, 1885-1950 ??Wisconsin, Fond du Lac Public Library Records, 1848-1980 New images have been added to the following databases unless otherwise noted: Australia, Queensland Cemetery Records, 1802-1990 Australia, Tasmania, Miscellaneous Records, 1829-1961 Austria, Seigniorial Records, 1537-1888 Bolivia, Catholic Church Records, 1566-1996 Brazil Civil Registration, 1870-2009 Canada, Ontario Births, 1869-1912 ?(Index records) Canada, Quebec Notarial Records, 1800-1900 Canada, Saskatchewan, Judicial District Court Records, 1891-1954 Canada, Saskatchewan, Probate Estate Files, 1887-1931 Canada, Quebec Notarial Records, 1800-1900 Chile, Santiago, Cementerio General, 1821-2010 ? ? ? ? ? ? ? ? ? ? ? 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Hungary Reformed Church Christenings, 1624-1895 ?(Index records) Hungary, Civil Registration, 1895-1980 Italy, Bologna, Bologna, Civil Registration (Tribunale), 1866-1941 Italy, Catania, Caltagirone, Civil Registration (Tribunale), 1861-1941 Italy, Catania, Catania, Civil Registration (Comune), 1820-1905 Italy, Cuneo, Civil Registration (State Archive), 1795-1915 Italy, Genova, Chiavari, Civil Registration (Tribunale), 1866-1941 Italy, Napoli, Civil Registration (State Archive), 1809-1865 Italy, Pistoia, Pistoia, Civil Registration (Tribunale), 1866-1929 Italy, Ravenna, Ravenna, Civil Registration (Tribunale), 1866-1929 Italy, Trieste, Trieste, Civil Registration (Tribunale), 1924-1939 Jamaica, Civil Birth Registration Korea, Collection of Genealogies, 1500-2009 Mexico, Morelos, Civil Registration, 1861-1920 Micronesia, Pohnpei, Land Records, 1971-2007 Nicaragua, Diocese of Managua, Catholic Church Records, 1740-2008 Norway Census, 1875 ?(Index records) Peru, Civil Registration, 1874-1996 Philippines, Civil Registration (National), 1945-1980 Poland, Roman Catholic Church Books, 1600-1950 Portugal, Aveiro, Catholic Church Records, 1550-1911 Portugal, Aveiro, Passport Registers, 1882-1965 Portugal, Aveiro, Testaments, 1900-1936 Portugal, Braga, Catholic Church Records, 1530-1911 Portugal, Bragan?a, Catholic Church Records, 1541-1985 Portugal, Coimbra, Catholic Church Records, 1459-1911 Portugal, Coimbra, Passport Registers and Application Files, 1835-1938 Portugal, Diocese of Lamego, Catholic Church Records, 1532-1911 Portugal, Diocese of Vila Real, Catholic Church Records, 1575-1975 Portugal, Faro, Catholic Church Records, 1587-1880 Portugal, Guarda, Catholic Church Records, 1459-1911 Portugal, Leiria, Catholic Church Records, 1534-1911 ? Portugal, Leiria, Passport Registers, 1861-1901 Portugal, Porto, Catholic Church Records, 1535-1949 Portugal, Porto, Catholic Church Records, 1582-1908 Portugal, Set?bal, Catholic Church Records, 1555-1911 ? Portugal, Viana do Castelo, Catholic Church Records, 1537-1909 Portugal, Vila Real, Catholic Church Records, 1533-1941 South Africa, Orange Free State, Estate Files, 1951-2004 South Africa, Reformed Church Records, 1856-1988 Spain, C?diz, Testaments, 1550-1920 Spain, Consular Records of Emigrants, 1808-1960 Spain, Consular Records of Emigrants, 1808-1960 Spain, Municipal Records Sweden, ?lvsborg Church Records, 1642-1897; index 1681-1860 Sweden, Blekinge Church Records, 1612-1916; index 1646-1860 Sweden, G?vleborg Church Records, 1616-1908; index 1671-1860 Sweden, G?teborg och Bohus Church Records, 1577-1932; index 1659-1860 Sweden, Gotland Church Records, 1582-1940; index 1655-1860 Sweden, Halland Church Records, 1615-1904; index 1615-1860 Sweden, J?mtland Church Records, 1582-1928; index 1642-1860 Sweden, J?nk?ping Church Records, 1581-1935; index 1633-1860 Sweden, Kalmar Church Records, 1577-1907; index 1625-1860 Sweden, ?rebro Church Records, 1613-1918; index 1635-1860 Sweden, Skaraborg Church Records, 1612-1921; index 1625-1860 United States: ? Alabama State Census, 1855 ?(Index records) ? Alabama State Census, 1866 ?(Index records) ? Alabama, County Estate Records, 1800-1996 ? Alabama, Sumter County Circuit Court Files, 1840-1950 ? ? ? ? ? ? ? ? ? ? ? ? California, Marriage Index, 1960-1985 ?(Index records) ? ? ? ? ? ? ? ? ? ? ? California, San Francisco Area Funeral Home Records, 1835-1931 ? California, San Francisco County Records, 1824-1997 ? California, San Mateo County Records, 1856-1967 ? Connecticut, Death Index, 1949-2001 ?(Index records) ? ? ? ? ? ? ? ? ? ? ? ? Delaware, Vital Records, 1680-1962 ? District of Columbia Marriages, 1811-1950 (Index records and images) ? Florida Marriages, 1830-1993 (Index and images) ? ? ? ? ? ? ? ? ? ? ? ? Florida, Tampa, Passenger Lists, 1898-1945 ? Georgia Headright and Bounty Land Records, 1783-1909 ? Idaho, Cassia County Records, 1879-1960 ? ? ? ? ? ? ? ? ? ? ? ? Idaho, Cassia County Records, 1879-1960 ? Idaho, Minidoka County Records, 1913-1961 ? Illinois, Probate Records, 1819-1970 ? Indiana, Death Index, 1882-1920 ? (Index records) ? Indiana, Marriages, 1811-1959 (Jay and Hamilton counties) ?(Index records) ? Kentucky, Confederate Pension Applications, 1912-1950 ? Kentucky, County Marriages, 1797-1954 ?(Index records and images) ? Louisiana, Orleans Parish Vital Records, 1910, 1960 ? Louisiana, Parish Marriages, 1837-1957 ?(Index records and images) ? Louisiana, Second Registration Draft Cards, compiled 1948-1959 ? Maine, State Archive Collections, 1790-1966 ? Maine, Washington County Courthouse Records, 1785-1950 ? Maryland, Garrett County Probate Estate and Guardianship Files, Source: blogspot.com Source: probatecourtco.com Source: bankruptcycourtco.com Source: bankruptcycourtco.com Source: unitedstatesbankruptcycourtco.com Source: bankruptcycourtco.com Source: businessbankruptcyco.com Source: probatecourtco.com Source: bankruptcyrecordsco.com Source: probatecourtco.com Source: bankruptcycourtco.com Source: unitedstatesbankruptcycourtco.com Source: unitedstatesbankruptcycourtco.com Source: bankruptcycourtco.com Source: probatecourtco.com Source: bankruptcyinformationco.com Source: bankruptcylawyersco.com Source: foreclosureattorneyco.com Source: bankruptcylawyersco.com Source: bankruptcylawyersco.com Source: bankruptcylawyersco.com
Source: bankruptcylawyersco.com

biomass larina: Temecula Bankruptcy Attorneys Can Help Stop Foreclosures By Filing

In the world of public finance, Orange County, California, has long had an unfortunate distinction: In 1994, the county filed the largest municipal bankruptcy declaration in history, seeking court assistance to restructure $1.7 billion in debt. This month, however, Orange County finally lost its dubious claim to fame. On November 9, political leaders in Jefferson County, Alabama ? home of Birmingham, the state?s largest city ? asked a federal bankruptcy court to help the county restructure debt of more than $4 billion. The county?s debt burden stems from a disastrous investment in a local sewer system and amounts to nearly $7,000 for each of the 658,000 men, women and children who call the county home. That a bankruptcy declaration of such magnitude is possible has raised alarms nationally over whether more municipal crises may be on the way. In this explainer, Stateline examines what it means when a municipality files for Chapter 9 bankruptcy ? and why states should care. What is Chapter 9? It?s the portion of the federal bankruptcy code that applies to municipalities. Created by Congress in 1937, it allows municipalities to seek court protection in the event of fiscal crisis and is meant to ensure that basic government functions can continue while policy makers restructure their debt. Chapter 9 differs from other sections of the bankruptcy code, such as Chapter 11 and Chapter 13, which generally provide court relief to cash-strapped businesses and individuals, respectively. Who can file for Chapter 9? Only municipalities ? not states ? can file for Chapter 9. To be legally eligible, municipalities must be insolvent, have made a good-faith attempt to negotiate a settlement with their creditors and be willing to devise a plan to resolve their debts. They also need permission from their state government. Fifteen states have laws granting their municipalities the right to file for Chapter 9 protection on their own, according to James Spiotto, a bankruptcy specialist with the Chicago law firm of Chapman and Cutler. Those states are Alabama, Arizona, Arkansas, California, Idaho, Kentucky, Minnesota, Missouri, Montana, Nebraska, New York, Oklahoma, South Carolina, Texas and Washington. The remaining states all want a say in the process, in some cases requiring that municipalities receive state approval before they file. One of those states, Pennsylvania, is now in the process of challenging the bankruptcy declaration made by its own capital city, Harrisburg, in October. Georgia is the only state that does not allow its municipalities to file for bankruptcy under any circumstances. Georgia municipalities in severe fiscal trouble ?are left to work things out within the state political system,? says Paul Maco, a municipal bankruptcy expert and partner with the Vinson & Elkins law firm in Washington, D.C. That could include asking the legislature for emergency funds. States have plenty of serious fiscal problems, too. Why can?t they file for bankruptcy? States have not been granted that authority by Congress, nor have they sought it. The idea of allowing state bankruptcy was floated earlier this year by Newt Gingrich, the former U.S. House speaker and current presidential candidate, and Jeb Bush, the former Florida governor. In a Los Angeles Times op-ed, the two Republicans argued that bankruptcy would be a way for strapped states such as California and Illinois to tackle their enormous debts, particularly for public pensions and other retirement benefits. State leaders from both parties repudiated the idea. ?The mere existence of a law allowing states to declare bankruptcy only serves to increase interest rates, raise the costs of state government and create more volatility in financial markets,? Nebraska Governor Dave Heineman, a Republican, and Washington Governor Chris Gregoire, a Democrat, said in a joint statement. The last time any state came close to bankruptcy ? by defaulting on its loans? was during the Great Depression, when Arkansas racked up $160 million in debt on what was then a $14 million annual budget. How common are municipal bankruptcies? Very rare. Since 1937, when Congress added Chapter 9 to the federal bankruptcy code, about 620 municipalities have filed for bankruptcy. That?s fewer than 10 a year. In the last year alone, by comparison, there were nearly 12,000 bankruptcy filings under Chapter 11 and 418,000 under Chapter 13, according to the administrative office of the U.S. Courts. Most municipalities that do file for bankruptcy are special tax districts and small jurisdictions that do not issue public debt. Municipal utilities are a common example. What happens once a municipality files for Chapter 9? Municipal finances move into the jurisdiction of the courts, but not in the way that corporate or personal finances in Chapter 11 or Chapter 13 cases do. Under those sections, courts have broad leverage to control the finances of the company or individual to chart a path forward. In addition, creditors have more leverage, such as by foreclosing on the home of a bankrupt individual. In Chapter 9 bankruptcy, creditors cannot, for instance, foreclose on a municipal building to recoup the money they are owed. More importantly, the courts themselves have no authority to make spending or other policy decisions on behalf of the municipality. That power remains with the locality under the U.S. Constitution. Under Chapter 9, municipalities must come up with their own debt restructuring plans, and courts approve or reject it with input from other stakeholders. Source: stateline.org Source: filebankruptcyco.com Source: filebankruptcyco.com Source: businessbankruptcyco.com Source: bankruptcylawyersco.com Source: bankruptcycaliforniaco.com Source: debtreliefmag.com Source: debtreliefmag.com Source: debtreliefmag.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com
Source: blogspot.com

Even in Bankruptcy, Unions Get Special Treatment

Of course, it?s hard to top the arrogance of the scandal-plagued CalPERS, which has responded to Assured Guaranty?s complaints by insisting that ?obligations owed to the public workers of the city have priority? over creditors such as Assured Guaranty. CalPERS also insists the media is ?hyping? the idea that pension promises have anything to do with cities going belly up. CalPERS, which in 1999 advocated retroactive pension increases based on assumed rates of returns that essentially required the Dow Jones to reach 25,000 by 2009, is backed by taxpayers whether its projections are right or wrong.
Source: bankruptcylawyersacramento.net

File Bankruptcy Under Supervision of Orange County Bankruptcy Lawyer

Bankruptcy is a section in federal law that governs those laws and regulations pertaining to people who end up in so much debt that they cannot recover from it. This section of the federal law is designed to enable such people to recover from their debt and make a fresh start. This is done by giving them a longer time period margin in which they have to pay back all their debt and by even reducing the total debt amount by a certain percentage. All bankruptcy laws are distinguished from each other based on the chapters of the Bankruptcy Code in which they appear. There are a total of five chapters for all types of debtors and out of these five chapters three pertain to individuals. These chapters are Liquidation (chapter 7), Reorganization (chapter 11), and Reorganization (chapter 13). Whether you are an individual or a business facing liens, lawsuits, repossession, wage garnishment, or foreclosure you should definitely hire a bankruptcy lawyer to help you solve your financial problems the efficient way. Finding a good bankruptcy lawyer is the first and most important step in this whole process. There are multiple resources that you can consult to find the perfect bankruptcy lawyer for you but always ensure that the lawyer you hire is from your area rather than any other area. This is because the laws and regulations differ from one state to another and only those lawyers who have been practicing bankruptcy cases in your area will be able to handle your case better. Therefore stick to the list of bankruptcy lawyers working in your state. You can try getting a list of all bankruptcy lawyers working in your state from the yellow pages or through an online directory. Once you have tracked down a list run some preliminary background check to see which ones are the most reputed ones. The ones with most experience should be your first priority. Contact them and arrange for a free consultation session. If the lawyer does not offer a free consultation session then you should switch to someone else. These lawyers already charge a pretty high fee and since you are filing for bankruptcy it?s obvious that you do not have enough cash to just throw around. Therefore avoid the most costly lawyers and stick to the ones offering free consultation. When attending your free consultation session always notice the lawyer?s habits. Lawyers who are keen about timings and are more organized can be trustworthy and reliable. Another important factor to look out for is how comfortable you feel with that person. Since you will be spending a great deal of time with that person in the future you need to ensure that the two of you click, understand each other, and you feel comfortable with him or her. Only then can you work well together. Always check out at least four or five bankruptcy lawyers before finally settling on one. Carefully planning all these things will help you find a good bankruptcy lawyer who will successfully take you through your case. One last thing you should analyze is the size of the firm your bankruptcy lawyer is working for. Here the opinion of experts differs. Some people prefer hiring lawyers who work for really large and famous law firms whereas some people prefer hiring lawyers working for smaller firms. The problem often associated with big law firms is that they usually have so many cases lined up that they fail to give you the personal attention you need. On the other hand smaller firms have fewer cases and dedicate much of their time to it to ensure a strong name from winning those cases.
Source: abcarticledirectory.com

Filing for Chapter 11 Bankruptcy in Orange County Just Got a Little Easier With Help From Local Bankruptcy Attorneys Offering a Free Evaluation

The business owner who files for a Chapter 11 bankruptcy includes a petition listing assets, liabilities, and detailed financial statements. As part of the rehabilitative process, filers will usually act as their own trustee, known as a debtor in possession, and stay in possession of the property credited to the business after the bankruptcy is completed. Under certain circumstances, the bankruptcy court can appoint an outside trustee for reasons of mismanagement, fraud, and/or misrepresentation of the companys financial standing. Additionally, in complex cases where the court determines that closer scrutiny is required, a bankruptcy court appointed trustee can be assigned to take over operations of the corporation and/or debtors assets. In a somewhat less invasive step, the court can also appoint an independent examiner whose job it is to oversee the corporations day to day activities during the Chapter 11 bankruptcy workout process. It is best to speak with a experienced bankruptcy lawyer if someone is considering filing for chapter 11.
Source: lawyerswrongfuldeath.org

The Indiana Law Blog: Law

In the world of public finance, Orange County, California, has long had an unfortunate distinction: In 1994, the county filed the largest municipal bankruptcy declaration in history, seeking court assistance to restructure $1.7 billion in debt. This month, however, Orange County finally lost its dubious claim to fame. On November 9, political leaders in Jefferson County, Alabama ? home of Birmingham, the state?s largest city ? asked a federal bankruptcy court to help the county restructure debt of more than $4 billion. The county?s debt burden stems from a disastrous investment in a local sewer system and amounts to nearly $7,000 for each of the 658,000 men, women and children who call the county home. That a bankruptcy declaration of such magnitude is possible has raised alarms nationally over whether more municipal crises may be on the way. In this explainer, Stateline examines what it means when a municipality files for Chapter 9 bankruptcy ? and why states should care. What is Chapter 9? It?s the portion of the federal bankruptcy code that applies to municipalities. Created by Congress in 1937, it allows municipalities to seek court protection in the event of fiscal crisis and is meant to ensure that basic government functions can continue while policy makers restructure their debt. Chapter 9 differs from other sections of the bankruptcy code, such as Chapter 11 and Chapter 13, which generally provide court relief to cash-strapped businesses and individuals, respectively. Who can file for Chapter 9? Only municipalities ? not states ? can file for Chapter 9. To be legally eligible, municipalities must be insolvent, have made a good-faith attempt to negotiate a settlement with their creditors and be willing to devise a plan to resolve their debts. They also need permission from their state government. Fifteen states have laws granting their municipalities the right to file for Chapter 9 protection on their own, according to James Spiotto, a bankruptcy specialist with the Chicago law firm of Chapman and Cutler. Those states are Alabama, Arizona, Arkansas, California, Idaho, Kentucky, Minnesota, Missouri, Montana, Nebraska, New York, Oklahoma, South Carolina, Texas and Washington. The remaining states all want a say in the process, in some cases requiring that municipalities receive state approval before they file. One of those states, Pennsylvania, is now in the process of challenging the bankruptcy declaration made by its own capital city, Harrisburg, in October. Georgia is the only state that does not allow its municipalities to file for bankruptcy under any circumstances. Georgia municipalities in severe fiscal trouble ?are left to work things out within the state political system,? says Paul Maco, a municipal bankruptcy expert and partner with the Vinson & Elkins law firm in Washington, D.C. That could include asking the legislature for emergency funds. States have plenty of serious fiscal problems, too. Why can?t they file for bankruptcy? States have not been granted that authority by Congress, nor have they sought it. The idea of allowing state bankruptcy was floated earlier this year by Newt Gingrich, the former U.S. House speaker and current presidential candidate, and Jeb Bush, the former Florida governor. In a Los Angeles Times op-ed, the two Republicans argued that bankruptcy would be a way for strapped states such as California and Illinois to tackle their enormous debts, particularly for public pensions and other retirement benefits. State leaders from both parties repudiated the idea. ?The mere existence of a law allowing states to declare bankruptcy only serves to increase interest rates, raise the costs of state government and create more volatility in financial markets,? Nebraska Governor Dave Heineman, a Republican, and Washington Governor Chris Gregoire, a Democrat, said in a joint statement. The last time any state came close to bankruptcy ? by defaulting on its loans? was during the Great Depression, when Arkansas racked up $160 million in debt on what was then a $14 million annual budget. How common are municipal bankruptcies? Very rare. Since 1937, when Congress added Chapter 9 to the federal bankruptcy code, about 620 municipalities have filed for bankruptcy. That?s fewer than 10 a year. In the last year alone, by comparison, there were nearly 12,000 bankruptcy filings under Chapter 11 and 418,000 under Chapter 13, according to the administrative office of the U.S. Courts. Most municipalities that do file for bankruptcy are special tax districts and small jurisdictions that do not issue public debt. Municipal utilities are a common example. What happens once a municipality files for Chapter 9? Municipal finances move into the jurisdiction of the courts, but not in the way that corporate or personal finances in Chapter 11 or Chapter 13 cases do. Under those sections, courts have broad leverage to control the finances of the company or individual to chart a path forward. In addition, creditors have more leverage, such as by foreclosing on the home of a bankrupt individual. In Chapter 9 bankruptcy, creditors cannot, for instance, foreclose on a municipal building to recoup the money they are owed. More importantly, the courts themselves have no authority to make spending or other policy decisions on behalf of the municipality. That power remains with the locality under the U.S. Constitution. Under Chapter 9, municipalities must come up with their own debt restructuring plans, and courts approve or reject it with input from other stakeholders. Source: stateline.org Source: filebankruptcyco.com Source: filebankruptcyco.com Source: businessbankruptcyco.com Source: bankruptcylawyersco.com Source: bankruptcycaliforniaco.com Source: debtreliefmag.com Source: debtreliefmag.com Source: debtreliefmag.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: whatisbankruptcyco.com
Source: debtreliefmag.com

Filing for Chapter 11 Bankruptcy in Orange County Just Got a Little Easier With Help From Local Bankruptcy Attorneys Offering a Free Evaluation

The business owner who files for a Chapter 11 bankruptcy includes a petition listing assets, liabilities, and detailed financial statements. As part of the rehabilitative process, filers will usually act as their own trustee, known as a ?debtor in possession?, and stay in possession of the property credited to the business after the bankruptcy is completed. Under certain circumstances, the bankruptcy court can appoint an outside trustee for reasons of mismanagement, fraud, and/or misrepresentation of the company?s financial standing. Additionally, in complex cases where the court determines that closer scrutiny is required, a bankruptcy court appointed trustee can be assigned to take over operations of the corporation and/or debtor?s assets. In a somewhat less invasive step, the court can also appoint an independent ?examiner? whose job it is to oversee the corporation?s day to day activities during the Chapter 11 bankruptcy workout process. It is best to speak with a experienced bankruptcy lawyer if someone is considering filing for chapter 11.
Source: topduilawyers.org

Related posts:

1. Temecula Bankruptcy Attorneys Can Help Stop Foreclosures By Filing Chapter 13 Bankruptcy For Homeowners In Need Of Saving Their Homes In Temecula
2. Temecula Bankruptcy Attorneys Can Help Stop Foreclosures By Filing Chapter 13 Bankruptcy For Homeowners In Need Of Saving Their Homes In Temecula
3. Temecula Bankruptcy Attorneys Can Help Stop Foreclosures By Filing Chapter 13 Bankruptcy For Homeowners In Need Of Saving Their Homes In Temecula
4. Temecula Bankruptcy Attorneys Can Help Stop Foreclosures By Filing Chapter 13 Bankruptcy For Homeowners In Need Of Saving Their Homes In Temecula
5. Temecula Bankruptcy Attorneys Can Help Stop Foreclosures By Filing Chapter 13 Bankruptcy For Homeowners In Need Of Saving Their Homes In Temecula

Source: http://foreclosureattorneyco.com/temecula-bankruptcy-attorneys-can-help-stop-foreclosures-by-filing-chapter-13-bankruptcy-for-homeowners-in-need-of-saving-their-homes-in-temecula-7/

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