Bankruptcy Update

Lack of Bond Debt Not a Bar to Chapter 9 in Alabama

, The Legal Intelligencer


Depending upon which pundit you listen to, municipal bankruptcy is either a wave about to break over the country or a dull-edged tool to be used only on rare occasions. Since the original legislative enactment of Chapter 9 in 1934, there have been fewer than 650 cases filed. In comparison, since 1980, there have been more than 22 million Chapter 7 and 449,000 Chapter 11 bankruptcies.

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