As bankruptcy attorneys in Roswell, Georgia, with clients from all over the Atlanta metro area, including Fulton County, Cobb County, Gwinnett County, Cherokee County and Forsyth County, we are always asked: "Are things really that Bad?"
The answer is yes, and they are not getting any better.
Even pro athletes and retired professional athletes, including some who have played with the Atlanta Braves, Atlanta Falcons and the Atlanta Hawks have been greatly impacted by this most difficult financial climate.
Not only are doctors, lawyers, dentists and engineers and many professional and working people in Roswell, GA, suffering from the negative financial effects of the prolonged recession, but cities and counties also are filing for bankruptcy.
That's right, some of America's most well-known cities and counties have or are considering bankruptcy protection. Cities and counties, just like individuals, are filing for bankruptcy as a way to get a fresh and new financial start. Cities and counties all over the USA are making the smart decision to reorganize their monetary obligations and in the process save their citizens money.
A recent New York Times story reported on this growing phenomenon. Harrisburg, the capital city of Pennsylvania, Vallejo, California, and Central Falls, Rhode Island, have all filed for bankruptcy.
Cities and counties file bankruptcy under Chapter 9 of the bankruptcy code, whereas individuals file under Chapter 7 or Chapter 13.
Rumors are spreading that some cities and counties right here in Georgia are also considering filing for bankruptcy protection….stay tuned….