Bankruptcy Not a Cure-All

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Allowing states to file for bankruptcy is not going to cure all the public pension problems, according to one expert. Professor Joshua Rauh of Northwestern University told a congressional hearing this recently. However, Professor Rauh said the prospect of bankruptcy would likely give states more negotiating power in pension and labor contracts.

At present, states are not allowed to file for bankruptcy protection because they are considered sovereign entities.

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Published In: Bankruptcy Updates, Elections & Politics Updates, Labor & Employment Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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