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Posted On: December 10, 2010

Chapter 9 Bankruptcy Overview

A Sacramento bankruptcy attorney writes about Chapter 9 bankruptcies.

Chapter 9 bankruptcy is the part of US Bankruptcy code that deals with municipalities and the help that they need in restructuring their debts. In 1934, bankruptcy in the United States was afforded to municipalities, mainly due to the Great Depression. Before that time, when a city or town was faced with debt they had to raise taxes in order to get the money.

One major part of Chapter 9 bankruptcy is collective bargaining. One advantage of this is that it gives municipalities the ability to negotiate on their own terms without any trustees or other help. It also gives them the ability to rewrite previous bargains that they had previously.

There have been some famous Chapter 9 cases in the US with some of those being Orange County, California back in 1994, Desert Hot Springs, California back in 2004, Vallejo, California in 2008, and Washington Park, Illinois back in 2009.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, discharging a debt, asset protection, etc. If you need help regarding a bankruptcy in Sacramento, call us at 916.792.6025 or and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Bankruptcy Law Firm office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

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