With California’s fiscal year coming to a close, the city of Stockton, California, is facing bankruptcy.
The state requires all cities to have balanced their budgets by July 1 of every year. As of now, Stockton has a $26 million deficit. Over the past three years, it has been addressing the deficit by cutting various programs from its budget, including a quarter of the police force, nearly a third of the firefighters, and 43% of all other city employees.
If the city continues on its current path, it will be the largest city in US history to go bankrupt.
There are many common reasons bankruptcy situations may arise. If you are facing bankruptcy, contact the bankruptcy attorneys of Hong Law, PLC, at 319-632-1400.
Coralville, IA 52241
Phone: (319) 354-1804
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