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Another American city slowly resolves their financial troubles. Central Falls the smallest city in Rhode Island has their officials working hard to emerge from bankruptcy, as cited by Reuters on September 3rd, 2012.
The small city had been facing financial issues for several years, which became one large financial issue. Before filing for bankruptcy the city’s reported their liabilities to be around $80 million while their revenue only being around $16 million.
In an effort to fix the city’s severe financial woes, the city’s citizens are now faced with pension cuts and higher property taxes. City officials attempted to explain that these methods were the only way the city could correct their financial situation. Many of the citizens have reported that they haven’t seen any significant changes since the bankruptcy was filed.
The law office of Jayson Lutzky, P.C. (www.BankruptcyNYC.com) is here to help you. If you are considering bankruptcy, call our office to arrange a free initial consultation: (800) 660-5299. Mr. Lutzky has over 29 years of experience practicing law in New York.