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Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection.
A Chapter 9 bankruptcy is available only to municipalities. Chapter 9 is a form of reorganization, not liquidation. Notable examples of municipal bankruptcies include that of Orange County, California (1994 to 1996) and the bankruptcy of the city of Detroit, Michigan in 2013.
Chapter 7: basic liquidation for individuals and businesses; also known as straight bankruptcy; it is the simplest and quickest form of bankruptcy available; Chapter 9: municipal bankruptcy; a federal mechanism for the resolution of municipal debts
The City of Detroit has long been bankrupt -- but now it's official. On Thursday, the City of Detroit petitioned the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division ...
Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income
When the Chapter 9 bankruptcy concluded, Detroit had ultimately shed about $7 billion in debt, restructured another $3 billion and got $1.7 billion for investing in city services.
United States bankruptcy courts are courts created under Article I of the United States Constitution. [1] The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. [2] United States bankruptcy courts function as units of the district courts and have subject-matter jurisdiction over ...
Chapter 7 bankruptcy (liquidation): With this, you must sell all nonexempt assets — like a vacation home, investments or collectibles — to pay your debts. Any remaining eligible debts are ...