County Expected to Emerge from Chapter 9
Bankruptcy does not just apply to businesses and individuals, but can also apply to entire towns and counties.
According to news sources, a town in California has been working through bankruptcy for the past three years. The town, which has 116,000 residents, was forced to file when local officials realized that they had to confront debt that totaled tens of millions of dollars. After filing a Chapter 9 bankruptcy protection, a judge approved the $50 million restructurement that was developed to help the town emerge from debt.
By staying on track with the plan and keeping additional debts low, the councilwoman believes that the town will be able to emerge from bankruptcy protection this year. While this is welcome news for the city's residents, several programs did experience serious cuts in funding. The last fiscal year budget was set for $65 million, down from about $83 million the year prior.
If you are thinking about moving forward with bankruptcy in Houston, now is a good time to contact a Houston bankruptcy lawyer that can review your financial obligations, assets and debts and advise you of your options.