Did you know that even cities can declare bankruptcy? It is rare, but they can do it.<\/p>\n
Let\u2019s say you\u2019re a city and you are staring at more money going out to run the city than is coming in. If that goes on for long enough, the word bankruptcy begins to appear on many people\u2019s lips. The prospect of a city going bankrupt is mind boggling, but it can happen. Think Orange County, Calif., which declared bankruptcy<\/a> in 1994. That was one of the largest municipal bankruptcies on record and virtually a precedent no one seemed to be anxious to follow.<\/p>\n Flash forward to 2011 and the current state of the economy. These days, just about everyone may flirt with and\/or actually decide to file for bankruptcy. If there are no other options open, that is a move that makes the most sense to many. Does this work for cities and municipalities? Yes, (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Did you know that even cities can declare bankruptcy? It is rare, but they can do it. Let\u2019s say you\u2019re a city and you are staring at more money going out to run the city than is coming in. If…<\/span><\/p>\n