In the world of public finance, Orange County, California, has long had an unfortunate distinction: In 1994, the county filed the largest municipal bankruptcy declaration in history, seeking court assistance to restructure $1.7 billion in debt. This month, however, Orange County finally lost its dubious claim to fame. On November 9, political leaders in Jefferson County, Alabama ? home of Birmingham, the state?s largest city ? asked a federal bankruptcy court to help the county restructure debt of more than $4 billion. The county?s debt burden stems from a disastrous investment in a local sewer system and amounts to nearly $7,000 for each of the 658,000 men, women and children who call the county home. That a bankruptcy declaration of such magnitude is possible has raised alarms nationally over whether more municipal crises may be on the way. In this explainer, Stateline examines what it means when a municipality files for Chapter 9 bankruptcy ? and why states should care. What is Chapter 9? It?s the portion of the federal bankruptcy code that applies to municipalities. Created by Congress in 1937, it allows municipalities to seek court protection in the event of fiscal crisis and is meant to ensure that basic government functions can continue while policy makers restructure their debt. Chapter 9 differs from other sections of the bankruptcy code, such as Chapter 11 and Chapter 13, which generally provide court relief to cash-strapped businesses and individuals, respectively. Who can file for Chapter 9? Only municipalities ? not states ? can file for Chapter 9. To be legally eligible, municipalities must be insolvent, have made a good-faith attempt to negotiate a settlement with their creditors and be willing to devise a plan to resolve their debts. They also need permission from their state government. Fifteen states have laws granting their municipalities the right to file for Chapter 9 protection on their own, according to James Spiotto, a bankruptcy specialist with the Chicago law firm of Chapman and Cutler. Those states are Alabama, Arizona, Arkansas, California, Idaho, Kentucky, Minnesota, Missouri, Montana, Nebraska, New York, Oklahoma, South Carolina, Texas and Washington. The remaining states all want a say in the process, in some cases requiring that municipalities receive state approval before they file. One of those states, Pennsylvania, is now in the process of challenging the bankruptcy declaration made by its own capital city, Harrisburg, in October. Georgia is the only state that does not allow its municipalities to file for bankruptcy under any circumstances. Georgia municipalities in severe fiscal trouble ?are left to work things out within the state political system,? says Paul Maco, a municipal bankruptcy expert and partner with the Vinson & Elkins law firm in Washington, D.C. That could include asking the legislature for emergency funds. States have plenty of serious fiscal problems, too. Why can?t they file for bankruptcy? States have not been granted that authority by Congress, nor have they sought it. The idea of allowing state bankruptcy was floated earlier this year by Newt Gingrich, the former U.S. House speaker and current presidential candidate, and Jeb Bush, the former Florida governor. In a Los Angeles Times op-ed, the two Republicans argued that bankruptcy would be a way for strapped states such as California and Illinois to tackle their enormous debts, particularly for public pensions and other retirement benefits. State leaders from both parties repudiated the idea. ?The mere existence of a law allowing states to declare bankruptcy only serves to increase interest rates, raise the costs of state government and create more volatility in financial markets,? Nebraska Governor Dave Heineman, a Republican, and Washington Governor Chris Gregoire, a Democrat, said in a joint statement. The last time any state came close to bankruptcy ? by defaulting on its loans? was during the Great Depression, when Arkansas racked up $160 million in debt on what was then a $14 million annual budget. How common are municipal bankruptcies? Very rare. Since 1937, when Congress added Chapter 9 to the federal bankruptcy code, about 620 municipalities have filed for bankruptcy. That?s fewer than 10 a year. In the last year alone, by comparison, there were nearly 12,000 bankruptcy filings under Chapter 11 and 418,000 under Chapter 13, according to the administrative office of the U.S. Courts. Most municipalities that do file for bankruptcy are special tax districts and small jurisdictions that do not issue public debt. Municipal utilities are a common example. What happens once a municipality files for Chapter 9? Municipal finances move into the jurisdiction of the courts, but not in the way that corporate or personal finances in Chapter 11 or Chapter 13 cases do. Under those sections, courts have broad leverage to control the finances of the company or individual to chart a path forward. In addition, creditors have more leverage, such as by foreclosing on the home of a bankrupt individual. In Chapter 9 bankruptcy, creditors cannot, for instance, foreclose on a municipal building to recoup the money they are owed. More importantly, the courts themselves have no authority to make spending or other policy decisions on behalf of the municipality. That power remains with the locality under the U.S. Constitution. Under Chapter 9, municipalities must come up with their own debt restructuring plans, and courts approve or reject it with input from other stakeholders. Source: stateline.org Source: filebankruptcyco.com Source: filebankruptcyco.com Source: businessbankruptcyco.com Source: bankruptcylawyersco.com Source: bankruptcycaliforniaco.com Source: debtreliefmag.com Source: debtreliefmag.com Source: debtreliefmag.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com Source: foreclosureattorneyco.com
Source: foreclosureattorneyco.com
Video: Orange County Bankruptcy Attorneys ? Chapter 13 Bankruptcy
Chapter 13 bankruptcy and co
In the world of public finance, Orange County, California, has long had an unfortunate distinction: In 1994, the county filed the largest municipal bankruptcy declaration in history, seeking court assistance to restructure $1.7 billion in debt. This month, however, Orange County finally lost its dubious claim to fame. On November 9, political leaders in Jefferson County, Alabama ? home of Birmingham, the state?s largest city ? asked a federal bankruptcy court to help the county restructure debt of more than $4 billion. The county?s debt burden stems from a disastrous investment in a local sewer system and amounts to nearly $7,000 for each of the 658,000 men, women and children who call the county home. That a bankruptcy declaration of such magnitude is possible has raised alarms nationally over whether more municipal crises may be on the way. In this explainer, Stateline examines what it means when a municipality files for Chapter 9 bankruptcy ? and why states should care. What is Chapter 9? It?s the portion of the federal bankruptcy code that applies to municipalities. Created by Congress in 1937, it allows municipalities to seek court protection in the event of fiscal crisis and is meant to ensure that basic government functions can continue while policy makers restructure their debt. Chapter 9 differs from other sections of the bankruptcy code, such as Chapter 11 and Chapter 13, which generally provide court relief to cash-strapped businesses and individuals, respectively. Who can file for Chapter 9? Only municipalities ? not states ? can file for Chapter 9. To be legally eligible, municipalities must be insolvent, have made a good-faith attempt to negotiate a settlement with their creditors and be willing to devise a plan to resolve their debts. They also need permission from their state government. Fifteen states have laws granting their municipalities the right to file for Chapter 9 protection on their own, according to James Spiotto, a bankruptcy specialist with the Chicago law firm of Chapman and Cutler. Those states are Alabama, Arizona, Arkansas, California, Idaho, Kentucky, Minnesota, Missouri, Montana, Nebraska, New York, Oklahoma, South Carolina, Texas and Washington. The remaining states all want a say in the process, in some cases requiring that municipalities receive state approval before they file. One of those states, Pennsylvania, is now in the process of challenging the bankruptcy declaration made by its own capital city, Harrisburg, in October. Georgia is the only state that does not allow its municipalities to file for bankruptcy under any circumstances. Georgia municipalities in severe fiscal trouble ?are left to work things out within the state political system,? says Paul Maco, a municipal bankruptcy expert and partner with the Vinson & Elkins law firm in Washington, D.C. That could include asking the legislature for emergency funds. States have plenty of serious fiscal problems, too. Why can?t they file for bankruptcy? States have not been granted that authority by Congress, nor have they sought it. The idea of allowing state bankruptcy was floated earlier this year by Newt Gingrich, the former U.S. House speaker and current presidential candidate, and Jeb Bush, the former Florida governor. In a Los Angeles Times op-ed, the two Republicans argued that bankruptcy would be a way for strapped states such as California and Illinois to tackle their enormous debts, particularly for public pensions and other retirement benefits. State leaders from both parties repudiated the idea. ?The mere existence of a law allowing states to declare bankruptcy only serves to increase interest rates, raise the costs of state government and create more volatility in financial markets,? Nebraska Governor Dave Heineman, a Republican, and Washington Governor Chris Gregoire, a Democrat, said in a joint statement. The last time any state came close to bankruptcy ? by defaulting on its loans? was during the Great Depression, when Arkansas racked up $160 million in debt on what was then a $14 million annual budget. How common are municipal bankruptcies? Very rare. Since 1937, when Congress added Chapter 9 to the federal bankruptcy code, about 620 municipalities have filed for bankruptcy. That?s fewer than 10 a year. In the last year alone, by comparison, there were nearly 12,000 bankruptcy filings under Chapter 11 and 418,000 under Chapter 13, according to the administrative office of the U.S. Courts. Most municipalities that do file for bankruptcy are special tax districts and small jurisdictions that do not issue public debt. Municipal utilities are a common example. What happens once a municipality files for Chapter 9? Municipal finances move into the jurisdiction of the courts, but not in the way that corporate or personal finances in Chapter 11 or Chapter 13 cases do. Under those sections, courts have broad leverage to control the finances of the company or individual to chart a path forward. In addition, creditors have more leverage, such as by foreclosing on the home of a bankrupt individual. In Chapter 9 bankruptcy, creditors cannot, for instance, foreclose on a municipal building to recoup the money they are owed. More importantly, the courts themselves have no authority to make spending or other policy decisions on behalf of the municipality. That power remains with the locality under the U.S. Constitution. Under Chapter 9, municipalities must come up with their own debt restructuring plans, and courts approve or reject it with input from other stakeholders. Source: stateline.org Source: filebankruptcyco.com Source: filebankruptcyco.com Source: businessbankruptcyco.com Source: bankruptcylawyersco.com Source: bankruptcycaliforniaco.com Source: debtreliefmag.com Source: debtreliefmag.com Source: debtreliefmag.com Source: foreclosureattorneyco.com
Source: posterous.com
Filing for Chapter 11 Bankruptcy in Orange County Just Got a Little Easier With Help From Local Bankruptcy Attorneys Offering a Free Evaluation
The business owner who files for a Chapter 11 bankruptcy includes a petition listing assets, liabilities, and detailed financial statements. As part of the rehabilitative process, filers will usually act as their own trustee, known as a debtor in possession, and stay in possession of the property credited to the business after the bankruptcy is completed. Under certain circumstances, the bankruptcy court can appoint an outside trustee for reasons of mismanagement, fraud, and/or misrepresentation of the companys financial standing. Additionally, in complex cases where the court determines that closer scrutiny is required, a bankruptcy court appointed trustee can be assigned to take over operations of the corporation and/or debtors assets. In a somewhat less invasive step, the court can also appoint an independent examiner whose job it is to oversee the corporations day to day activities during the Chapter 11 bankruptcy workout process. It is best to speak with a experienced bankruptcy lawyer if someone is considering filing for chapter 11.
Source: lawyerswrongfuldeath.org
Bankruptcy Attorney Costa Mesa Consultations Start at $0 Cost for Orange County Residents Offered by Experienced Bankruptcy Attorneys Zhou & Chini
Orange County bankruptcy attorneys Zhou & Chini are speaking with new clients every day from the new ad campaign to target struggling Costa Mesa CA residents by offering free consultations with experienced bankruptcy attorneys. Zhou & Chini and Associates understand that many residents in Southern California particularly in Costa Mesa need help with personal and business finances. The firms recent marketing campaign is offering zero cost consultations for individuals seeking representation from a bankruptcy attorney in Costa Mesa. Many Costa Mesa residents are wondering what type of bankruptcy they may qualify for. The most common is known as liquidation or straight bankruptcy, Chapter 7 bankruptcy provides filers with protection from creditors and relief from many of the debts that have overwhelmed and burdened them. It will allow an individual to clear most of the outstanding debts quickly and get a fresh start in a persons financial life. The law office uses Facebook and other social media platforms to help deliver the message about bankruptcy laws. A senior partner from the firm was quoted We know these are tough times, thats is why we try to provide as much free information about filing bankruptcy, Costa Mesa residents can then decide for themselves if it is the right financial decision for them. We would be glad to offer a free consultation to see if filing Chapter 7 or Chapter 13 will benefit them. For more information visit http://bankruptcyattorneycostamesa.bankruptcyattorneyorangecounty.org/
Source: freereleasepress.com
Bankruptcy Attorney in Orange County CA Partners with Internet Marketing ?
Bankruptcy Attorney in Orange County CA Partners with Internet Marketing ? Virtual-Strategy Magazine Zhou and Chini, one of Orange County Bankruptcy law firms are now using a new partnership to help locate residents looking for some relief from creditors. The Orange County Bankruptcy consultations promoted by the bankruptcy lawyers are getting a boost ?
Source: practicesource.com
From Chapter 13 to Olympic gold in the family
The gold medalist?s mother has faced struggles. She is a single mother of four kids who is unable to work due to an undisclosed medical issue. Despite her hardships and the ways that the stress could have played out on Douglas? mother and her family?s life, the family clearly finds intense, untainted joy in the victory of their teen star, now known as the ?Flying Squirrel.?
Source: orlandobankruptcylawblog.com
Bankruptcy Attorney in Orange County CA Partners with Internet Marketing Experts to Strengthen an Already Strong Presence in Orange County.
Zhou and Chini, one of Orange County Bankruptcy law firms are now using a new partnership to help locate residents looking for some relief from creditors. The Orange County Bankruptcy consultations promoted by the bankruptcy lawyers are getting a boost from SEO experts http://www.knackmedia.com (http://www.knackmedia.com). The bankruptcy law office of Zhou and Chini extended their marketing campaigns by having the SEO company help advertise Orange County for free consultations. The bankruptcy attorneys have been working in Orange County for years, and are looking to extend their reach by continuing to add new partners and services to help Orange County residents in need of debt relief.
Source: top3percentlife.com
Bankruptcy Attorney in Orange County CA Partners with Internet Marketing ?
Bankruptcy Attorney in Orange County CA Partners with Internet Marketing ? Virtual-Strategy Magazine Orange County bankruptcy attorneys Zhou & Chini know there is a need for experienced bankruptcy attorneys in Orange County and have secured a partnership with an internet marketing company to help deliver the message. The Law Offices of Zhou ?
Source: squeezepageblueprint.info
Importance of an Orange County Bankruptcy Attorney
Bankruptcy is a serious situation that many people usually face in their personal lives. According to experts, can be declared bankrupt once he becomes unable to pay the debts that he owe his creditors or when the amount of debts he has become more than the amount of assets he owns. During such situations, many people often opt to get bankruptcy attorneys to represent them in the court of law and ensure that they do not lose everything to their creditors. Basically, a bankruptcy attorney Orange County ca is a legal service provider who basically deals with financial cases which revolve around bankruptcy. As stated earlier, many bankruptcy attorneys usually work extra hard to ensure that their clients retain all or in some cases part of their assets even when declared bankrupt. In essence, bankruptcy attorneys usually work hard in shielding their clients from losing all that they have to the people they owe. Having SG Lawyers bankruptcy attorney by your side is advantages in many ways. For starters, such a lawyer can easily help you understand all the legal issues and most importantly the nature of bankruptcy cases around the country. This means that a bankruptcy attorney will always play the part of being your legal advisor once you are declared bankrupt and are called upon by the court of law to face any charges failed by your creditors. In addition, a bankruptcy attorney can help you analyze your income and debts and afterwards advice you which bankruptcy option to go for. You basically may not be able to determine the type of bankruptcy that is best for you when working alone since not many people have good knowledge of all the options available. However, this can never be a problem once you bring on board a professional bankruptcy attorney Orange County ca.
Source: roslynspeaks.com
Bankruptcy Attorney Costa Mesa Consultations Start at $0 Cost for Orange County Residents Offered by Experienced Bankruptcy Attorneys Zhou & Chini
If you are thinking about filing for bankruptcy, you may not be sure where to start. Finding the right bankruptcy attorney to handle your case could be the best way to deal with your bankruptcy questions. In the meantime, before filing for bankruptcy, you might consider other alternatives. A bankruptcy will remain on your record for a long period of time. However, there is a good chance that if you are thinking about filing for bankruptcy, then your credit is probably in bad shape already. A bankruptcy could be your chance to relieve your debts completely and give you a fresh start. According to the revised Bankruptcy Code, an individual is required to attend credit counseling to discuss other options, 180 days prior to the bankruptcy filing case. If bankruptcy is right for you, then you might want to look into what chapter of bankruptcy applies to your case. One of the more popular chapters is a chapter 7 bankruptcy where your debts can be completely liquidated. However, in order to qualify for this chapter, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) demands that individuals take the means test before filing a chapter 7 bankruptcy. The other common chapter is the chapter 13. Individuals who file for this chapter generally have a steady income and will set up a payment plan to pay off their debts. If you are looking to hire a bankruptcy attorney, it would be a good idea to hire someone you can be in direct contact with, versus a paralegal from a large law firm. Once you have selected a bankruptcy lawyer, you could then set up a meeting time to discuss your bankruptcy case and your best strategy going forward. Your attorney may also provide you with the means test. The cost for a bankruptcy attorney will also vary. Some attorneys require a flat fee, while others will let you pay them in installments. The fees will also depend on your location. In some instances, you may be able to file for free, but if you decide to file for a chapter 7, then you will most likely have to pay your attorney fees before your case is filed. In a chapter 13, your attorney fees may be included in your payment plan that you have laid out in your file. You can talk with your attorney about fees and the associated costs with filing for bankruptcy to get a better idea of what you will be paying up front. Once you have a bankruptcy attorney secured, you may then direct your creditors to his or her office. Your bankruptcy attorney will most likely handle all your creditor calls on your behalf and the automatic stay will go into effect. This automatic stay prohibits creditors from contacting you to harass you about your debts. Creditors are most likely held liable if they violate the automatic stay in which case you could be awarded for punitive damages. When your file is submitted, you may get a letter in the mail for a creditor meeting, also known as the 341 meeting. This meeting will enable the trustee of your file to ensure with you that your file is truthful and that you understand the terms of a bankruptcy. Your bankruptcy attorney will probably go over all of your listed debts with you prior to this meeting so that you can be prepared. Your answers in the meeting may be recorded, but on average, the meeting will last only approximately 10 minutes. Your trustee may then decide which assets are exempt and which are non-exempt. If there are assets listed that are considered non-exempt, these properties may be sold.? In a chapter 13 bankruptcy, you may enter a three to five year plan that involves paying back your creditors over time. While you are filing for bankruptcy, it would be a good idea to discontinue using your credit cards as well. If you use these, your creditor may utilize this against you in a lawsuit by challenging your right to a debt discharge. ?In most bankruptcy cases, your creditors will have sixty days from your meeting to challenge the discharge of your debts. If no lawsuits are filed, you may receive a discharge of your debts. In a chapter 13 bankruptcy, you can be notified anywhere from thirty to sixty days after your last payment and the trustee declares that your plan has been completed. Keep in mind that not all debts can be discharged in a bankruptcy, including student loans and specific taxes. Discharged debts usually depend on certain bankruptcy provisions and whether your creditor persuaded the judge to not discharge a particular debt. In any bankruptcy case, it would be a good idea to hire an attorney who can help you through the bankruptcy process so that you can hopefully be debt and stress free. Source: lawadvicenow.com Source: chapter12bankruptcyco.com Source: filebankruptcyco.com Source: filebankruptcyco.com Source: bankruptcyquestionsco.com Source: bankruptcyco.org Source: bankruptcyrecordsco.com Source: bankruptcyrecordsco.com Source: bankruptcycourtco.com Source: bankruptcycourtco.com Source: unitedstatesbankruptcycourtco.com Source: bankruptcycourtco.com Source: debtsettlementusaco.com Source: howtofilebankruptcyco.com Source: debtreliefmag.com
Source: bankruptcylawyersco.com
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