Municipal Bankruptcies

City of Los Angeles Bankruptcy May be Coming

City of Los Angeles Bankruptcy May be Coming.  As reported: A City of Los Angeles bankruptcy could be nearing, with the city a victim of the same unfunded public pension liabilities that are crippling municipalities like Stockton and San Bernardino across… Read More ›

Third California City Files for Bankruptcy

On August 1, 2012, San Bernardino, California filed for bankruptcy protection.  This California City, consisting of 210,000 residents, is the third in the State to recently file, following Stockton and Mammoth Lakes.  More details regarding Stockton’s filing as well as municipal bankruptcies in general can be seen… Read More ›

California City Declares Bankruptcy

Stockton, California has filed for Chapter 9 protection, making it the largest American city ever to declare bankruptcy. The filing comes after officials were unable to reach a deal with the city’s creditors to restructure hundreds of millions of dollars… Read More ›

Chapter 9 – Bankruptcy of a Municipality

Several well-known cities across the U.S., including Birmingham, have elected or discussed bankruptcy as an option. However, municipalities seeking to avail themselves federal bankruptcy relief discover that they are not in the same position as corporate debtors. Instead, municipalities can only resort to the uncommonly-used chapter of the… Read More ›