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v. t. e. Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection.
A local government, which is a subsidiary of a state, is already allowed to file for bankruptcy under Chapter 9 of the Bankruptcy Code, as long as they are not forbidden to do so by the state. [7] In such municipal bankruptcies, the municipal government repudiate or modify contracts and debts. [3]
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Municipalities. As of May 2024, the 1,225 Texas municipalities [ 3 ][ a ] include 971 cities, 231 towns, and 23 villages. These designations are determined by United States Census Bureau requirements based on state statutes and may not match a municipality's self-reported designation. [ 4 ] The types of municipalities in Texas are defined in ...
Courts of Texas. Courts of Texas include: State courts of Texas. Texas Supreme Court (Civil) [1] Texas Court of Criminal Appeals (Criminal) [2] Texas Courts of Appeals (14 districts) [3] Texas District Courts (420 districts) [4] Texas County Courts [5] Texas Justice Courts [6]
First came Central Falls, R.I., which filed for bankruptcy Monday. Then the headliner talk this week that Jefferson County in Alabama could end up filing the country's largest municipal bankruptcy ...
List of bank failures in the United States (2008–present) On average, between 1980 and 1994, a US bank failed every three days. The pace of bankruptcies peaked immediately after the 2008 financial crisis. [1] The 2007–2008 financial crisis led to many bank failures in the United States. The Federal Deposit Insurance Corporation (FDIC ...
Brazos Electric Power Cooperative. Brazos Electric Power Cooperative is an electrical generation and transmission cooperative based in Waco, Texas. In March 2021, it filed for bankruptcy protection as a result of losses arising from the February 2021 North American ice storm. [1]