Well you’ve heard of Chapter Nine bankruptcy,
municipalities. What is a chapter nine? My name is Andy Forman, I’m a consumer and business
bankruptcy lawyer in Tampa, Florida. Chapter nine bankruptcy is reserved exclusively for
municipalities, as a reorganizational bankruptcy during which the municipality or the debtor
can restructure its debts to its creditors. It can reject executory contracts with unions
such as collective bargaining agreements. It can reject lease agreements it has regarding
real estate that it may have rented. It can modify and change interest rates on obligations
that it has incurred. Again it’s limited only to municipalities, not individuals, not companies,
it’s a very complicated process and in order to file you certainly would need to obtain
competent legal counsel. No municipality would be able to or authorized to file its own reorganization,
a sense it would be the unauthorized practice of law. My name is Andy Forman, good luck.