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Puerto Rico’s troubling debt position threatens its economic viability, and without Chapter 9 bankruptcy protection as an option, the unincorporated U.S. territory is facing a critical financial situation. The commonwealth’s economy heavily depends on tourism, which has plummeted recently due to declines in Americans’ discretionary spending. In response, the island has been operating largely on […]

Legal commentators have noted that they expect the Detroit Chapter 9 bankruptcy case to be a tedious and time-consuming process. This projection has been supported by the large number of creditors filing objections seeking to prove that the city is not eligible to seek out bankruptcy protection. However, the bankruptcy judge who is overseeing the […]

Five years after the Great Recession began, a number of cities across the country are still struggling to recover from fiscal shortfalls, budgetary constraints, and financial mismanagement. As is well known, this has prompted many to seek protection under Chapter 9 – the municipal bankruptcy part of bankruptcy law. Although the media have generally focused […]