World Events and the Bible

A site dedicated to World Events and Study of the Bible.

Could Illinois be the first state to file for bankruptcy?

Print Friendly, PDF & Email

Illinois residents may feel some solidarity with the likes of Puerto Rico and Detroit.

A financial crunch is spiraling into a serious problem for Illinois lawmakers, prompting some observers to wonder if the state might make history by becoming the first to go bankrupt. At the moment, it’s impossible for a state to file for bankruptcy protection, which is only afforded to counties and municipalities like Detroit.

Chapter 9 bankruptcy protection could be extended to states if Congress took up the issue, although Stanford Law School professor Michael McConnell noted in an article last year that he believed the precedents are iffy for extending the option to states. Nevertheless, Illinois is in a serious financial pickle, which is why radical options such as bankruptcy are being floated as potential solutions.

Source: Could Illinois be the first state to file for bankruptcy? – CBS News



Previous post
Bible Verse of the Day: Proverbs 23:24
Next post
Doctor Says Insurance Companies Declined to Pay for Patients’ Treatments, But Offered Assisted Suicide Coverage

Subscribe!

Every day we send our readers the latest news with Christian commentary right to their inbox. Bi-weekly we include Bible Q&A and Bible studies as they become available. We invite you to join us.




Study With Us!

Visit the Bible Study, Bible Q&A and Video section of our site.

Leave A Comment

You are invited to participate in our Christian Community by leaving a comment. We would love to read your point of view and inspiring messages. Please read our Community Guidelines before commenting and note all comments are moderated (Ephesians 4:29).

Leave a Reply

Members: Login
Guests: Your email address will not be published.

*

© 2018 World Events and the Bible.

Isaiah 21:6Up ↑