Eligibility for Chapter 9 Restructuring: A Tough Series of Requirements for Cities
Municipalities looking to regain fiscal solvency have the opportunity to restructure their debts through the use of Chapter 9 bankruptcy proceedings. This process will see the elimination of nonessential debts and services, while others will be restructured so that the municipality can more easily meet its financial obligations light of reduced tax income or significantly increased financial burdens. Because Chapter 9 is designed for municipalities rather than individuals, it does not permit for full liquidation of any assets when seeking to pay off creditors or finance local obligations. Instead, restructuring must be done through a series or reorganizational moves, tax changes, and regulatory oversight - all of which are outlined in this white paper.
Review how to get started on the restructuring process.
Learn how municipalities can restructure without Chapter 9.
Identify viable ways to remain fiscally sound and devoted to local residents.
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