Stockton California Teeters on the Brink of Bankruptcy

Did you know that municipalities can file for bankruptcy? Even cities have tough times making ends meet. The City of Stockton is facing a budget deficit of $20 to $38 million on a budget of $165 million.

Under a law passed by the California legislature, cities must hire a third party mediator to help negotiate with debtors for a period of 90 days before a hearing of Chapter 9 bankruptcy.

If you are facing financial difficulty, bankruptcy just might be right for you. You don’t have to be in the municipality to be entitled to file for bankruptcy. You can contact Sunshine State Bankruptcy for a complimentary consultation to learn more about whether bankruptcy is right for you and your family. Call us today at 727.258.4999 or go to our website .

Resource: New York Times: March 1, 2012 A13

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