The city of San Bernardino has made the decision to file for municipal bankruptcy. Reports say it has $150,000 left in its bank account to pay its employees through July 15th. The bankruptcy protection will protect the city from losing more assets to creditors so they can pay their employees. San Bernardino was one of the hardest hit areas of the real estate crisis. The city of San Bernardino will need to make adjustments to their budget to keep the city running and the bankruptcy code will allow the city to reorganize with what it currently has. The bankruptcy will expose the city’s financial issues and allow the bankruptcy court to decide the fate of the debts owed by San Bernardino. The city will try to get their debts discharged in bankruptcy court.
Keep in mind that the same rights are available for individuals in bankruptcy court. A Chapter 7 bankruptcy will allow you to stop collections activity and save your remaining assets. Bankruptcy Law Professionals has helped hundreds of people file for bankruptcy in San Bernardino County, the largest county in the United States. Bankruptcy Law Pros Riverside Office is the best location to meet our attorneys for bankruptcy services anywhere in the Inland Empire. If you or someone you know may be interested in our services, please contact us at (855) 257-7671.