Can Bankrupt Governments take Bankruptcy
The answer is that no government can take bankruptcy. The most recent of the result of a government going bust is the Union of Soviet Republics: it had to finally dissolve itself out of existence when its state-secrets became too burdensome.
There are some Americans sayings States should be allowed to file bankruptcy. The Federal judge will tell the State to raise taxes. hahahha, nice dodge of spend-thrift politicians to raise taxes then claim “the Feds made them do it.” Bet you if they got away with such a con the new tax-money–er, investments– would be spend on new projects.
Certain States are bankrupt. They have proven themselves unable to self-govern. Okay, they may file for bankruptcy BUT they lose their Statehood and they return to territorial status. [Excellent solution: no blue electoral college votes in '12!]
Absolutely! California has abused the Right of Statehood and shown no responsibility. Make us a Territory again and send in the Federal Marshalls to run stuff.