What happens when a city gos bankrupt ?
- shoredude2Lv 78 years agoFavorite Answer
It depends on the laws in the state it is in. In many states, the state appoints a manager which supercedes spending and taxing decisions made by city council and the mayor. In some states, it means union contracts can be renegotiated.
However, it generally means that taxes will go up, libraries and parks will close, and there will be less fire and police on the street.