What happens when a city goes bankrupt?
does the city shutdown and people can't live there?
- Anonymous7 years agoFavorite Answer
There is no bankrupt law for the cities, but individual private business organizations.But there is rehabilitation plan which the help of the federal government.It depends on the voters. The city can also issue bonds, or increase inter-government debts which have no dangerous meaning at all because it is free from the rating agencies.
- AleconomixtLv 77 years ago
A city has every right to beg to the county and a county has every right to beg to the nation.
- ?Lv 57 years ago
Yes..the city will bancrupt and no one will come there