8 Reasons We Don't See More Chapter 9 Bankruptcies

Law360, New York (December 5, 2014, 10:24 AM EST) -- After the housing market collapse, many cities and towns fell on hard times and have yet to recover. In quite a few communities, housing prices remain low, municipal debt levels are unsustainable, and attempts to raise revenue have been rejected by voters — who are often cash-strapped themselves. Bankruptcy offers breathing room, political cover for tough decisions, and the chance to renegotiate collective bargaining agreements and restructure debt. The bankruptcy process is frequently used by businesses and individuals seeking a "fresh start." Why don't more distressed municipalities file bankruptcy?...

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