Officials with the city of Stockton, California have said that the mediation attempts with creditors have not been successful and this may mean that filing for bankruptcy is the next option.
The mediation between creditors and the city have stated that they have been unable to settle on a way to restructure the hundreds of millions of dollars in debt.
Monday was the deadline that was set in order for negotiations to be met and they were not. The city council is expected to vote on the issue this week to see if a budget for the bankruptcy can be settled and officials have suggested that a bankruptcy filing could be done as early as this week.
Bankruptcy is a serious issue and can cause tremendous stress on a family. If you or someone you care about is going through this now, contact the Milwaukee bankruptcy lawyers of the DeLaduranty Law Office, LLC by calling 414-377-0518 today.