According to Fox New York, Detroit isn't the only American city that is under financial strain at present. Two party cities in the U.S.A. are currently facing financial demise and deciding whether or not to take a leap and file for bankruptcy. The two cities facing these money matters are Las Vegas and Atlantic City. The reasons that these two cities are losing their capital are connected. Both party cities make most of their revenue on casinos.
Now, the Atlantic Club Casino and Hotel in Atlantic City has closed, and there are rumors that Revel, a bankrupt entity, will be sold to Hard Rock. In Las Vegas, more than half of the mortgages in the city are under water. Casinos are currently opening up all around the country and online gambling legislation is underway in some countries, making to so that individuals can gamble to their heart's desire from the comfort of their own living room. All of these factors have made it difficult for these two casino-filled cities to stay afloat.
Both cities started to meet opposition when the government ruled that Native-American reservations are sovereign entities that are not bound by any state laws. The Indians on reservations started creating elaborate casinos. Also, more and more cities started creating casinos at race tracks all throughout the United States.
When the Great Recession hit in 2000, Las Vegas saw a serious demise in the amount of money being spend. More and more people learned that they didn't have to travel thousands of miles to gamble. Casino revenues and the price of real estate plummeted. Many Nevadans still haven't recovered from the recession that took place about 10 years ago. Homeowners saw the value of their properties drop drastically.
In Las Vegas, prices are currently rising on housing but Bloomberg News suggests that this is only because the banks are holding onto inventory after completing foreclosures. Once the banks release these foreclosures back into the market many suggest that the housing prices will depress again. Still, both of these gambling "sin cities" seem to be at risk. The federal government is considering a law which would permit online gambling, further obliterating business in both Las Vegas and Atlantic City.
According to Fox News, many individuals won't drive to one of these cities to gamble if they can have the same experience in their home town. While the cities have not declared bankruptcy yet, there is a high possibility that they will do so in the future. City bankruptcies are increasingly complicated and involve a lot of negotiation and frustration.
Thankfully, personal bankruptcies are on a much smaller scale. If you are dealing with personal financial issues and believe that the best move for you is to declare bankruptcy, you are going to want to get a professional bankruptcy attorney on your side. A lawyer can help you to determine whether or not you need to file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.
It is very important that you get a professional to assist you in your case. If you aren't able to do this, then you may end up making a mistake on your bankruptcy paperwork that could land you in court for bankruptcy fraud. Even if the fraud was unintentional, you can end up with fines and other complications and may even get your bankruptcy cancelled.
Bankruptcy is an excellent way to combat creditors, so don't hesitate to use this directory to locate a bankruptcy lawyer nearest you. Whether dealing with a business bankruptcy, personal bankruptcy, or locating a bankruptcy attorney who can handle city matters, you can contact an attorney and get started!