May 2008

Part One of a Two-Part Series

By Erica M. Ryland and Mark G. Douglas

Even though Chapter 9 of the Bankruptcy Code has been in effect for over 30 years, fewer than 100 cases have been filed during that time. Municipal bankruptcy cases — or, more accurately, proceedings involving the adjustment of a municipality’s debts — are a rarity, compared with reorganization cases under Chapter 11.

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