This form of bankruptcy is for municipalities. It was formed in 1934 to help them when they are going under because of debt and creditor harassment.
When you are involved in Chapter 9 bankruptcy, you are likely going to refinance some of your debt because you really aren’t going to “go out of business”.
The best way to avoid Chapter 9 is to pay your bills on time. If you get behind, ask for help, do a fund raiser, get some cash flow, talk to your accountant.
Remember you’re only eligible if you are a municipality. If you’re a business or an individual, you can’t file for this type of bankruptcy.
If you want more information on this type or other forms of bankruptcy, our government has some great information on their website. Check it out today.
Filed under: bankruptcy, bradenton, lawyer, sarasota
