In the past two months, three separate cities in the state of California have decided to file for bankruptcy protection. The latest filing decision comes from the City Council in San Bernardino.
According to reports from this city of approximately 210,000 individuals, San Bernardino is short approximately $45.8 million in this year’s budget for the city. Some vendors to the city have stopped receiving payment, and the City Council is unsure of whether it can make payroll for the next three months.
The first city in the state of California to file for bankruptcy protection was the city of Stockton on June 28. Mammoth Lakes also voted to file for bankruptcy protection on July 3, and now San Bernardino will add its name to the list.
If you have questions concerning the best time to file for bankruptcy, please contact the bankruptcy lawyers of GREENWAY BANKRUPTCY LAW, LLC, by calling (205) 324-4000 today.