Illinois Governor Bruce Rauner vocalized his support this week for Illinois municipalities to have the option to file for bankruptcy. During a series of one-on-one interviews with the media, Rauner said, “Bankruptcy law exists for a reason. It’s allowed in business so that businesses can get back on their feet and prosper again by restructuring their debts. It’s very important for governments to be able to do that, too.” Illinois State Representative Ron Sandack (R) introduced HB0298 in January. The bill was re-referred to the Rules Committee on March 27.

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Image Source: Steven Vance