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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.
Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
These are the five most common models of bankruptcy. Learn how they operate and who they’re good for.
The City of Detroit has long been bankrupt -- but now it's official. On Thursday, the City of Detroit petitioned the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division ...
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]
Code; FRBP; Chapters; Chapter 7; Chapter 9; Chapter 11; Chapter 12; Chapter 13; Chapter 15; Aspects of bankruptcy law; ... The Federal Rules of Bankruptcy Procedure ...
Chapter 9 bankruptcy for municipalities experiencing significant financial distress. Chapter 11 bankruptcy for business partnerships and corporations. Chapter 12 bankruptcy for family fishermen ...
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