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Maybe Taxes Aren't So Certain: What Is "Fair And Equitable" In A Chapter 9 Plan?, B. Summer Chandler, Mark S. Kaufman

Summer Chandler

"Many U.S. cities and other municipalities are struggling under crippling financial demands. Buckling under the financial strain, a number of municipalities are considering an option that, just a few short years ago, was almost unheard of—filing for bankruptcy protection. Assuming that eligibility requirements are met, a municipality¹ may seek bankruptcy protection under chapter 9 of title 11 of the Bankruptcy Code. Historically, chapter 9 filings have been rare, with typically less than 10 such filings annually.² In recent months, however, a number of chapter 9 cases have been filed.³ In addition to the rise in the number …