Analysts Debate the Effectiveness of Municipal Bankruptcy on Improving Cities
by Joel R. Glucksman on August 22, 2013
Five years after the Great Recession began, a number of cities across the country are still struggling to recover from fiscal shortfalls, budgetary constraints, and financial mismanagement. As is well known, this has prompted many to seek protection under Chapter 9 - the municipal bankruptcy part of bankruptcy law. Although the media have generally focused on the bankruptcies of Jefferson County, Alabama, and Central Falls, Rhode Island, few filings have garnered as much national attention as that of Detroit, which recently filed the largest municipal bankruptcy in U.S. history.
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