California Town on the Verge of Bankruptcy
People and cities alike financially overcommitted themselves during the first decade of the second millennium. Certainly all seemed well in the central California city of Stockton, where city managers continued to spend millions to enhance Stockton's image and attract new residents. Unfortunately, as most such stories go, this unsustainable spending came to a screeching halt with the housing bust. Now Stockton's image is one of rampant foreclosures, skyrocketing crime, and widespread unemployment. With the second-highest foreclosure rate in the entire nation, Stockton is facing almost certain bankruptcy. A new state law enacted less than two months ago requires that, before filing for bankruptcy, local government agencies must go through mediation or hold a public hearing and declare a fiscal emergency. Local residents have little confidence in the city's ability to bounce back from a multi-year, multi-million dollar deficit.
Making the decision to file for bankruptcy is never an easy one. At Singleton Smith Law Offices, we understand that you may be anxious and uncertain about your future should you choose to declare bankruptcy. If you are facing insurmountable debt and find yourself unable to pay your creditors, bankruptcy may be an option. It is important that you talk to an experienced Murrieta bankruptcy lawyer from our firm who can take a look at your individual situation and advise on whether or not bankruptcy is the route you should take. There are alternatives to help you get back on your feet financially, and a knowledgeable bankruptcy attorney can guide you through the best process for your particular case. Our legal team has the know-how and commitment to take on a variety of bankruptcy situations. When you contact a Murrieta bankruptcy attorney, you can feel confident that a professional will be by your side each step of the way.