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On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection. Jefferson County, Alabama , in 2011, and Orange County, California , in 1994, are also notable examples.
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
Chapter 7 and Chapter 13 bankruptcy are common options for individuals with unmanageable debt. Bankruptcy may be the right choice if you’re facing overwhelming debt, frequent creditor calls or ...
Before You File for Bankruptcy, Consider These 3 Alternatives. Steve Strauss, The Motley Fool. October 19, 2024 at 7:30 AM ... Click here to read our full review for free and apply in just 2 minutes.
This is because filing for bankruptcy costs money, and if you have a smaller debt, it may not be worth the effort and fees. Most bankruptcy lawyers won’t take on your case unless you have at ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
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