Bankruptcy To Hit More American Cities

Bankruptcy To Hit More American Cities

Three California cities filed for bankruptcy – San Bernardino, Stockton and Mammoth Lake and the trend is spreading nationwide, with some cities in Florida predicted to be next on the list. Unless they get their act together, it may only be a matter of time before Miami or jacksonville bankruptcy lawyer firms are brought in to deal with the ensuing financial crisis.

In the last few weeks, three cities in California filed for bankruptcy – San Bernardino, Stockton and Mammoth Lake.

Oakland, CA is now on the verge of following suit, but they are holding off and trying to fight to stay afloat.

The disturbing trend is spreading throughout the United States with cities and even entire counties declaring bankruptcy. Cities in Florida are said to be feeling the squeeze but may stay stable. Some cities in Pennsylvania are going through a squeeze, and their citizens are also said to be feeling financial hardship, with some looking for a bankruptcy attorney Harrisburg PAto keep themselves afloat.

It seems at the moment that California is the state being hit hard by all this. It is unknown if any federal intervention will come into play if the situation worsens.

In the run up to the bankruptcy public workers are often required to forfeit a massive percentage of their pay along with retirement benefits due to threats of bankruptcy being declared in which they will lose everything. If you have to declare bankruptcy though then it might be a good idea to get yourself a lawyer, perhaps you should take a look at someone like this bankruptcy attorney san diego.

Last year a Rhode Island city told their firefighter’s and police officers to give up 50% of their pensions or risk losing it all.

Michaela Krauser of the Next American City tells RT’s Liz Wahl what happens when cities go bankrupt.

Categories: ECONOMY

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