City of Vallejo, California Declares Bankruptcy: Will More Cities Follow?
May 8, 2008
Rarely do cities of a decent size declare bankruptcy, but that is exactly what the city of Vallejo, California, home to more than 100,000 people is doing. Hurt by falling property tax revenues, a stagnant economy and the failure to renegotiate key deals with unions, the city of Vallejo was left with little choice. The questions now are: How will this bankruptcy affect residents and business owners in the city? And is this city’s bankruptcy just a glimpse of what is to come?
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With so many individuals also facing financial disaster because of the housing bust, it’s not difficult to see how a city may also fall victim. Financial disasters can, indeed, happen to anyone at any time, and for any reason. If you find yourself in the same situation as Vallejo, CA, please, contact a bankruptcy attorney today to discuss your options. It may not be too late to save your home.
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