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State bankruptcy-legal issues?
Q. How does a state go bankrupt? Will the state budget be administered out of a Federal Bankruptcy court? Would that be a conflict with the Constitutional guarantee of a republican form of gov't. for the states? Can creditors foreclose or do lien sales on state property? Can its debts be forcefully settled for cents on the dollar?
A. - Maybe this would conflict with the Constitution--- however there is some precedent for states being administered by the federal government. That happened during the years after the Civil War, when the states which belonged to the defeated Confe
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