California's Debt Problem
San Jose Bankruptcy Attorney Discusses California’s Debt:
There is already a problem with California’s budget. Last year, Controller John Chiang released a report that California wasw already $1.1 billion behind in collecting the revenue necessary to meet the recently signed budget (as of October 2009). Much of the deficit has resulted from a $2.1 billion drop in California tax collection.
California has been hit by the continuing loss of jobs and an increasing gap in debt sales. California’s budget has also been negatively impacted by the California Supreme Court’s ruling that the Governor and Legislature had illegally used $3.6 billion of California’s money that had been budgeted for local transportation agencies. The misappropriation of funds resulted from the government’s attempt to balance the budget since 2007.
California is starting to see signs of recovery, but it will probably be awhile before it can truly balance its budget and thrive.
If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!
