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The city was unable to pay pensions. The city has already declared bankruptcy for the same reason in 1999. Completed [53] Sarpy County Sanitation Improvement District, Sarpy County, Nebraska: Sewer District 2009 The sewer district faced decreased housing development and less revenue as a result. Completed [54] New York City Off-Track Betting ...
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Given the complexities of bankruptcy laws, it's crucial to consult with a bankruptcy attorney. They can help you understand whether you qualify for Chapter 7 or if Chapter 13 is more appropriate ...
By JEFF KAROUB FLINT, Mich. (AP) - As Detroit attempts to emerge from bankruptcy this year, another Michigan city with strong auto industry bonds could be on the brink of beginning the same process.
Filing for bankruptcy, on the other hand, is a legal process that involves listing your debts and assets and finding a way to resolve the debts. Default and bankruptcy usually go hand in hand.
U.S. bankruptcy law, an area governed by federal law, does not allow and has not historically allowed a state to file for bankruptcy under the Bankruptcy Code. [5] Since 1937, Chapter 9 of the Bankruptcy Code has allowed ‘municipalities’ to declare bankruptcy.
A bankruptcy notice can be issued where, among other cases, a person fails to pay a judgment debt of at least $5,000. [20] A person can also seek to have themselves declared bankrupt for any amount of debt by lodging a debtor's petition with the "Official Receiver", [21] which is the Australian Financial Security Authority (AFSA). [22]
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