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Legal News

: Lawyers and Settlements

Budget Woes May Force Vallejo to Declare Bankruptcy

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Vallejo, CA: Bankruptcy may be in the near future for Vallejo because of a budget crisis that is only getting worse due to rising payroll expenses, failing tax revenue, and a slumping housing market. On Thursday, the city council is expected to vote on whether or not they agree with the city manager's advice that the city should file for Chapter 9 bankruptcy. Chapter 9 bankruptcy would give the city the ability to renegotiate its debts with its creditors.

Full post as published by Lawyers and Settlements on March 03, 2008 (boomark / email).

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