Monthly Archives: August 2012

Cuts for San Bernardino While Filing Bankruptcy

On August 29, 2012, the city of San Bernardino, California is looking for a way to cut spending while filing bankruptcy. According to the new budget created because of the bankruptcy filing, the city is planning to cut overall costs … Continue reading

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Many Cities Would File for Bankruptcy, If They Could

As cities in California lineup to file for bankruptcy, it’s not allowed in about half the states in the US. In fact, only 24/50 states in the US allow local municipalities to file for bankruptcy as a way out of … Continue reading

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Bond Insurer MBIA Is Contesting Stockton’s Bankruptcy Filing

As many California cities are falling to bankruptcy, the blame game is heating up. Most municipalities are blaming lucrative employee contracts with unsustainable pensions through CalPERS as the cause of financial difficulties leading to a bankruptcy filing. The employee unions … Continue reading

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Vallejo Once Again Becomes Front-Page News after Filing Bankruptcy

  Just when the people of Vallejo thought that the media firestorm would be gone, cities in California began dropping like flies and filing bankruptcy. Now, Vallejo has become a centerpiece for both a city with dreams and with struggles. … Continue reading

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Why Should I File Chapter 13 Bankruptcy Instead of Chapter 7?

When most people think about filing bankruptcy they think about Chapter 7. When it comes to personal bankruptcy, the two most popular and well-known chapters are chapters 7 and 13. The reason most people think of Chapter 7 when they … Continue reading

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Courts Targeting Benefits in Municipal Bankruptcy

In California there have been a large number of cities on the brink of filing bankruptcy. This leaves the question, What is causing this phenomenon? A few years ago it started out with Vallejo, California when they had unfunded liabilities … Continue reading

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Mom of Olympic Gymnast Filed for Chapter 13 Bankruptcy

Just to show that no one is immune from filing bankruptcy. It was recently reported that Olympic gymnast, Gabby Douglas’ mom had to file Chapter 13 bankruptcy back in January 2012. Originally, the bankruptcy filing was first reported by entertainment … Continue reading

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As California Cities Struggle, San Bernardino Is Filing Bankruptcy under Chapter 9

  On August 2, 2012 the city of San Bernardino, California, decided there was no other solution but filing bankruptcy and filed in the federal bankruptcy court. The struggling city recently disclosed that it had a $36 million shortfall. This … Continue reading

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