state bankruptcy california
What does it mean for a state (e.g., California) to declare bankruptcy?
How can a state declare bankruptcy? Who runs the receivership? What about division of powers, federalism, and all that?
There is no provision in federal bankruptcy law for a state to declare bankruptcy.
I don’t think a state has ever become insolvent before, so it’s kind of uncharted territory, but I’d assume that a federal judge could order the state to increase taxes and raise revenue to meet its obligations if necessary.
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