This is an interesting video concerning the economic troubles of cities and states; if you have too much month left at the end of your money, bankruptcy will at least cross your mind.
And, apparently, it also crosses the minds of folks who are running cities and other municipal entities.
You'll hear these commentators talking about the fact that bankruptcy for cities and municipalities is "bad", because of the effect that it will have on bondholders.
On the other hand, it seems to me that at the point that the bondholders aren't getting paid, Chapter 9 Bankruptcy Cases will get filed, like the one in Central Falls that was filed yesterday!
