Residents of Stockton, California are saddened by the news that the city will be filing for bankruptcy protection.This filing will mark Stockton as the largest city in the nation to file for bankruptcy under the U.S. bankruptcy code.
Stockton is home to approximately 300,000 residents, and generations of families are familiar with one another in this tight-knit community. Numerous residents attended the City Council meeting on Tuesday in order to confirm for themselves that the city was indeed filing for bankruptcy protection.
The City of Stockton has been negotiating with a number of it’s creditors since the end of March in order to mediate the bankruptcy process. At the City Council meeting, it was announced that employee benefits had been greatly reduced, a survival budget had been put in place, and bond payments were no longer being paid.
If you are considering filing for bankruptcy protection, please contact the bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.