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Posted On: January 8, 2010

California's Financial Crisis

Sacramento Bankruptcy Lawyer remarks on the financial crisis in California...

Being a Bankruptcy Attorney here in Sacramento, I can't help but regularly tap into California-relevant news such as the sources report that Governor Schwarzenegger has asked for $6.9 billion in federal funding in the state budget proposal, warning that state health and welfare programs would be in danger without the bail out funds. In addition to the aid, he called for $8.5 billion in cuts and $4.5 billion in alternative funding to balance the state's budget currently looming at $68 billion according to the California Sate Treasurer's office. It's been reported that a the last time an American state defaulted on their debt was in the 1840s and there is fear among economist and experts in this area that if California defaults, the impact would reach far beyond California's state line.

Although unlikely, experts have theorized that that California could enter into a court supervised bankruptcy, much like what happens when a large corporation defaults. All creditors of the state, which include lenders, vendors, employees, pensioners, to name a few, would share in the losses. There is no provision within the bankruptcy code for a state to file for bankruptcy however so it remains to be seen what would happen if California were to default on the public debt.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento!

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