NOTE: MODIFYING OR TERMINATING PENSION PLANS THROUGH CHAPTER 9 BANKRUPTCIES WITH A FOCUS ON CALIFORNIA Skip over navigation
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Copyright (c) 2013 Fordham Urban Law Journal
Fordham Urban Law Journal

NOTE: MODIFYING OR TERMINATING PENSION PLANS THROUGH CHAPTER 9 BANKRUPTCIES WITH A FOCUS ON CALIFORNIA

October, 2013

Fordham Urban Law Journal

40 Fordham Urb. L.J. 1975

Author

Joanne Lau*

Excerpt



Introduction
 
When Stockton, California, a city of just under 300,000 people, filed for Chapter 9 protection on June 28, 2012, 1 it became the largest U.S. city by population to do so. 2 Like other municipalities, Stockton has been greatly affected by the collapse of the sub-prime lending market from 2007 to 2008. 3 Stockton, however, was disproportionately affected because of its location in the Central Valley region of California, an attractive location for those who want to live near the Bay area, with one out of every thirty homes in foreclosure. 4 The high foreclosure rate, coupled with declining home values, has decreased Stockton's tax revenue from property taxes. 5 Because of this decrease in tax revenue, the city has had difficulties repaying obligations to creditors as they become due. 6 In order to meet its obligations, Stockton has been forced to cut the services it provides to citizens to the bare minimum required to maintain the city. 7 Although Stockton has been ranked as the second most dangerous city in California, second only to Oakland, and one of the ten most dangerous cities in America, it has had to slash its police force by twenty-five percent to cut costs. 8 Stockton was also named America's most miserable city by Forbes in 2011. 9 Citizens who are able to leave the city are doing so as a result, sending Stockton into a downward spiral with even more decreases in revenue from property taxes. 10 After rounds of failed ...
 
 
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