About Local Government Bankruptcies

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State governments are often divided over the issue of allowing local town governments to file for bankruptcy. The state of Indiana, for example, does not have legislation that allows for this while most other states in the US do. Indiana governor Mitch Daniels is pressing for statute to be passed for this effect.

Indiana state senator Ed Charbonneau (R-Valparaiso) proposed legislation last month to allow local government an option for bankruptcy. Under Charbonneau’s proposal, the Indiana Distressed Unit Appeals Board would be empowered to appoint an emergency manager for a distressed unit who in turn could recommend filing for bankruptcy.

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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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