Antioch Mulls Bankruptcy

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The city of Antioch in California is considering filing for bankruptcy protection. Already another California city, Vallejo has filed for bankruptcy and now Antioch city officials are bracing themselves to be the next on the list. With weak revenue earnings and low property taxes, the prospect of bankruptcy seems increasingly likely.

The city has undertaken various measures to reduce expenditure and costs from spending cuts to layoffs to furloughs but they have proven to be inadequate. In fact, Orange County treasurer, Chriss Street expects more local governments in California to have similar experiences. A case in point is Sacramento County where one of its top finance officers predicted a worse-than-expected shortfall of $181 million for the county, which could trigger more than 1,000 layoffs among the county’s workers.

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Tampa Bay Bankruptcy Center, P.A. on:

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