Is bankruptcy an option for municipal debt?
Any major fixes to transportation may just have to wait given the financial situations facing Chicago and Illinois. Chicago is not alone - local governments across the country are struggling to make ends meet. Some administrations are even talking bankruptcy. But is bankruptcy a good option? Are there other ways to deal with what seems like an insurmountable load of debt? For answers, "Eight Forty-Eight" spoke to Jim Spiotto, a partner at Chapman and Cutler law firm, which specializes in corporate and municipal finance.