A complete list of the legal terms and definitions every attorney, paralegal, and law student needs to know.
Bankruptcies are filed under a variety of “chapters” under federal law. Enacted as a result of the Great Depression, a chapter 9 filing is used to protect financially distressed municipalities (including cities, towns, villages, counties, taxing districts, municipal utilities, and school districts) from creditors while it develops a reorganization plan for its debts. Unlike the case with chapter 7, a municipality’s assets are never liquidated.
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