{"id":107,"date":"2011-01-04T18:24:27","date_gmt":"2011-01-04T18:24:27","guid":{"rendered":"http:\/\/www.westcoastbk.com\/blog\/?p=107"},"modified":"2013-11-01T22:06:38","modified_gmt":"2013-11-01T22:06:38","slug":"oakland-bankruptcy-lawyer-did-oakland-almost-file-bankruptcy-in-2009","status":"publish","type":"post","link":"https:\/\/www.westcoastbk.com\/blog\/2011\/01\/oakland-bankruptcy-lawyer-did-oakland-almost-file-bankruptcy-in-2009\/","title":{"rendered":"Oakland Bankruptcy Lawyer: Did Oakland Almost File Bankruptcy In 2009?"},"content":{"rendered":"

By Ryan C. Wood<\/a><\/p>\n

The answer is yes.\u00a0 But how is it possible for a government entity to file for bankruptcy protection?\u00a0 There is a specific chapter of the Bankruptcy Code that allows a city or county to file for bankruptcy protection just like an individual or corporation, Chapter 9. Chapter 9 is for municipalities to file for protection from their creditors.\u00a0 A state, such as California, cannot file for bankruptcy protection though. The United States Constitution does not allow a state to file for bankruptcy. The Federal Government likewise cannot file for bankruptcy. A state and federal government would just default on their debts.\u00a0 Contact our local bankruptcy lawyers<\/a> for more information about Chapter 9 bankruptcy cases.<\/p>\n

Oakland\u2019s problems are all too well known in California these days.\u00a0 After years of cuts in funding from the State of California, reductions in Alameda County tax assessments, generous pay and retirement packages to employees and their families combined with the overall increase in the cost of providing citizens the services we depend on Oakland found itself with a multi-million dollar budget deficit.\u00a0 The State of California itself has over a ten billion dollar budget shortfall.\u00a0 The budget deficit of the State of California is more than the total budget for most states in the United States.\u00a0 Schedule a free consultation today with our bankruptcy attorneys<\/a> and find out if bankruptcy is right for you.<\/p>\n

Orange County filed the single largest municipal bankruptcy when it filed in 1994 and lost $1.6 billion.\u00a0 The Orange County bankruptcy is notable given the scale of the financial meltdown and what led to the county having to file for bankruptcy protection.\u00a0 The treasurer is an elected official and had held the position for over twenty years. \u00a0Unfortunately the treasurer was investing the pooled funds of Orange County in risky investments and generating high returns to fund their general fund.\u00a0 Eventually the house of cards fell apart and the largest single municipal bankruptcy was filed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oakland Bankruptcy Lawyer: Did Oakland Almost File for Bankruptcy in 2009? The answer is yes. But how is it possible for a government entity to file for bankruptcy protection? There is a specific chapter of the Bankruptcy Code that allows a city or county to file for bankruptcy protection just like an individual or corporation, Chapter 9<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[20],"tags":[],"_links":{"self":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts\/107"}],"collection":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/comments?post=107"}],"version-history":[{"count":10,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts\/107\/revisions"}],"predecessor-version":[{"id":1131,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/posts\/107\/revisions\/1131"}],"wp:attachment":[{"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/media?parent=107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/categories?post=107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.westcoastbk.com\/blog\/wp-json\/wp\/v2\/tags?post=107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}