Chapter 9 bankruptcy

{
  "id": "MLC-T-LAW-000934",
  "term": "Chapter 9 bankruptcy",
  "field": "Law",
  "definition": "A form of bankruptcy under the United States Bankruptcy Code specifically designed for municipalities, such as cities, counties, school districts, and public utility authorities. It permits a financially distressed municipality to reorganize its debts by creating a plan of adjustment with its creditors. Unlike Chapter 7 or Chapter 11 bankruptcies, a Chapter 9 filing does not involve the liquidation of the debtor's assets to pay creditors.",
  "url": "https://mlchart.com/terminology/law/chapter-9-bankruptcy/"
}