There are several other types of bankruptcy. You will hear about one or more of these commonly in the media. While they are generally not related to consumer bankruptcy, it seems appropriate to at least give them a mention.
Chapter 9—Municipality Bankruptcy
The federal government is allowed by law to operate in a deficit. States, cities, and towns are generally not allowed this same privilege. It happens from time to time that a city goes bankrupt. In other words, the city is unable to meet its legally obligated payments. These payments can include benefits to workers and citizens, payments on outstanding debt like municipal bonds, and operating expenses.
A famous recent example is the bankruptcy of the ...
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