Did You Know Cities Can Declare Bankruptcy?
October 11, 2011 Leave a comment
Specifically, Chapter 9. Chapter 9 allows municipalities to restructure their debts. Public policy recognizes that there must be laws in order to help individuals and couples (Ch. 7 and Ch. 13), companies (Ch. 11) and even municipalities to get back on their feet. No one should feel ashamed about declaring bankruptcy when it is simply a legal tool available.