Will We Have To Sell City Hall?

From a quite prominent legal scholar.

Bankruptcy is not limited to individuals and business firms; under U.S. law, even a city can be declared bankrupt; and this happens occasionally. In one Illinois town, the bankruptcy judge ordered the sale of city hall to satisfy creditors’ claims. U.S. states cannot be subjected to bankruptcy proceedings, and neither can the federal government, or the governments of other nations. But that doesn’t mean that a state or nation can’t be insolvent. Insolvency is the condition; bankruptcy is a method of treating the condition.

via Is the Federal Government Broke? Posner – The Becker-Posner Blog.

About Stephen E. McGaughey
International consultant in economic development programs and projects

One Response to Will We Have To Sell City Hall?

  1. Janie Coffey says:

    The fact that the City has spent over $200K to uphold a outdated and unconstitutional ban on parking private use pickups on the street overnight says alot about the priorities of where they think our money should go.

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