thranx on 25 July 2013
| morenoingrato said: Forgive my ignorance on the subject, but I'm not used to that kind of terminology. How does a city become "bankrupt" and what happens next? |
They have run out of money to pay their bills (employees, city programs, pensions, etc) so it should go to a court who will split up wwhat they have and divide it between who they owe. Usually means you wont get back all you put in, so people with pensions through the city may loose some of their funding. This is a slightly different case i think since the state court has ruled they cant go through bankruptcy so i am not sure how it will affect them
