Republican Senate Leader Mitch McConnell, R-Kentucky, said on Wednesday he would rather see states declare bankruptcy than issue another $500 billion requested by the National Governors Association to bail out states facing lower revenues and skyrocketing debt costs. “There’s not going to be any desire on the Republican side to ...
Hartford's five year recovery plan will fall into deficit by year three despite the state paying Hartford's debt, according to the plan submitted to the state’s Municipal Accountability Review Board, tasked with overseeing Connecticut’s beleaguered capital city.
When people think of a major city declaring bankruptcy the city of Detroit often comes to mind with its sky-high crime rates and areas of urban wasteland. But as more and more cities like Hartford find themselves in impossible financial situations, sometimes filing for Chapter 9 can actually be the best alternative. If the city could prove it was insolvent, what would a Hartford bankruptcy look like?