bondholders, public employees (active and retired), and other creditors affected by municipal insolvency, all of whom have a voice … voice at every stage of a chapter 9 proceeding, as taxpayers are directly and profoundly impacted by municipal insolvency …

of insolvency and bankruptcy, which can have tremendous negative repercussions on service delivery by municipalities … insolvency regimes as an alternative to municipal bailouts. First, the advantages and disadvantages of local insolvency regimes … will be discussed from a theoretical perspective. Subsequently, empirical evidence from existing local insolvency regimes …