The answer is yes. But how is it possible for a government entity to file for bankruptcy protection? There is a specific chapter of the Bankruptcy Code that allows a city or county to file for bankruptcy protection just like an individual or corporation, Chapter 9. A state, such as California, cannot file for bankruptcy protection though. Contact our local Oakland bankruptcy lawyer for more information about Chapter 9 bankruptcy cases.
Oakland's problems are all too well known in California these days. After years of cuts in funding from the State of California, reductions in Alameda County tax assessments, generous pay and retirement packages to employees and their families combined with the overall increase in the cost of providing citizens the services we depend on Oakland found itself with a multi-million dollar budget deficit. The State of California itself has over a ten billion dollar budget shortfall. The budget deficit of the State of California is more than the total budget for most states in the United States. Schedule a free consultation today with our San Jose bankruptcy lawyer and find out if bankruptcy is right for you.
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Orange County filed the single largest municipal bankruptcy when it filed in 1994 and lost $1.6 billion. The Orange County bankruptcy is notable given the scale of the financial meltdown and what led to the county having to file for bankruptcy protection. The treasurer is an elected official and had held the position for over twenty years. Unfortunately the treasurer was investing the pooled funds of Orange County in risky investments and generating high returns to fund their general fund. Eventually the house of cards fell apart and the largest single municipal bankruptcy was filed.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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