Vallejo, CA Declares Itself Bankrupt
National News
The Vallejo City Council has voted unanimously to declare the city bankrupt. The council cited falling property values and tax receipts and a $16 million budget deficit for the fiscal year that begins in July. Residents of Vallejo, a town of 120,000 in Santa Clara County, have a median income of $56,505.
Vallejo, 25 miles northeast of San Francisco, is the largest city in California to declare itself bankrupt, and the first major metropolitan area to do so since Orange County filed for bankruptcy in 1994 after a series of bungled investments.
"With Orange County there were identifiable bad guys," John Quigley, an economics profession at UC-Berkeley, told The New York Times. "This is different. Near as one can tell, this is more of a low-level infection everywhere."
Proposition 13 caps property taxes in California, and the Vallejo City Council was unable to wring salary concessions from its public employees, whose salaries account for 80 percent of the city budget.
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Nicholas C. Minshew, Attorney at Law, concentrates his practice in the area of Family Law including divorce, separation, child support, child custody, alimony, division of property, separation agreements, domestic violence, prenuptial agreements, and child support enforcement & modification. Mr. Minshew provides legal services to clients in Washington, D.C., and throughout Maryland, including Montgomery County, Frederick County, and Prince George’s County. Mr. Minshew obtained his Juris Doctorate degree from the American University, Washington College of Law in 2000, where he worked as an editor for the Administrative Law Review. After receiving his law degree, Mr. Minshew worked as an attorney for the global law firm of Morgan, Lewis & Bockius LLP, and for Leonard Street & Deinard LLP representing companies in Federal proceedings. During that time, Mr. Minshew redirected his focus to provide legal services directly to individuals and families.