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Posted On: October 27, 2010 by Scott Sagaria

Who Is Eligible To File a Chapter 9 Bankruptcy?

A San Jose bankruptcy attorney answers a visitor submitted comment: Who Files Chapter 9 Bankruptcies?

Chapter 9 bankruptcy can only be filed by municipalities that are in trouble and cannot pay their debt load. When a municipality files chapter 9, it allows them a chance to restructure their debts and find better repayment options while getting back on their feet. There are several causes that can force a municipality into bankruptcy:

• Budgeting got out of control
• A horrible tragedy or natural disaster accrued
• A severe recession or depression

The municipality's attorney files chapter 9 bankruptcy protection with the state as a last resort for protection of debt collection from creditors. The municipality is then allowed to come up with a place for repayment. This plan reduces the debt load by one or all of these methods:

• Reducing the debt load
• Reducing the interest rates
• Extend the terms of the loan
• Or refinance the amount owed

Creditors are not allowed to submit a plan, only the municipality, for a judge to sign off on. Filing for chapter 9 is used as a last resort and to help a municipality come back from trouble with minimal disturbance to its citizens.

We can answer all your questions regarding filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. If you need help regarding a bankruptcy in San Jose, call us at 408.279.2288 or 1800.941.6730 and we will be more than happy to offer you a free consultation over the phone. You can also fill out a free online evaluation at our website, www.sagarialaw.com, or request a free face to face appointment at a Sagaria Law office location close to you. We have bankruptcy attorneys located throughout California and Oregon to assist you with all your debt resolution needs.

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Posted In: Chapter 9

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