Shale Gas and Oil Companies are Claiming Bankruptcy.
This will have a major affect on Wyoming's residents and budget.
On June 28th, the darling of the shale gas industry, Chesapeake Energy filed for Chapter 11 Bankruptcy. Chesapeake's creditors have agreed to shave nearly $7 billion of debt in the restructuring plan. If a massive gas company like Chesapeake is filing for bankruptcy, then the smaller players in Wyoming will surely be on uneasy footing as well.
Wyoming depends upon oil and gas disproportionately to fund its budget. Not only will the inevitable fall out from lower oil and gas prices effect the State's budget, the thousands of Wyoming men and women employed by these firms are facing a rough road ahead. Oil and gas prices will need to gain a lot of ground before the companies operating in Wyoming can turn a profit again.
As more and more companies file for bankruptcy the inevitable knock on effect will be more and more individuals filing for bankruptcy. If you or a family member have been laid off and are facing financial uncertainty please contact the Smith Law Firm LLC to see if we can help you keep your home and pay of your debts.