QUESTION
Can New York school districts file for bankruptcy?
Asked on Feb 03rd, 2011 on Bankruptcy - New York
More details to this question:
With the anticipated deficit coming in NY, bankruptcy may be a better alternative then a 15% tax Increase. Can it be done?
1 ANSWER
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Yup. There is a provision in the federal bankruptcy code for municipal corporations such as school districts to file for bankruptcy. We may see more of these as public financing gets tougher.
Answered on Feb 03rd, 2011 at 6:58 PM