19:43
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Simple English definitions for legal terms
Chapter 9
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A quick definition of Chapter 9:
Chapter 9 is a part of the United States Bankruptcy Code that helps cities and towns that are in debt. It helps them make a plan to pay back the money they owe. When a city or town files for bankruptcy under this chapter, it is called a Chapter 9 bankruptcy case.
A more thorough explanation:
Definition: Chapter 9 is a section of the United States Bankruptcy Code that deals with the process of adjusting a municipality's debts. It is also used to refer to a bankruptcy case filed under this chapter.
Examples:
- A city in financial distress may file for bankruptcy under Chapter 9 to restructure its debts and regain financial stability.
- Chapter 9 was used by the city of Detroit in 2013 to address its $18 billion debt and improve its financial situation.
These examples illustrate how Chapter 9 can be used by municipalities to address their financial difficulties and reorganize their debts. It provides a legal framework for cities to negotiate with their creditors and develop a plan to repay their debts over time.