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The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside by the state to make these future pension payments. As of 2020, the size of Illinois' pension obligation is $237B, but the state's pension funds have only $96B available for payouts to retirees.
By contrast, a bankruptcy is a legal process, under federal law, to systematically sort out debt obligations under the supervision of a judge. [3] There are no provisions in U.S. bankruptcy law that authorizes a state to declare bankruptcy. [3] The states were borrowing to fund transportation investments as well as raising capital to start new ...
Certain scholars and politicians have advocated for a reform of the law to allow states to seek bankruptcy. [6] [3] [4] They argue that the law will require voluntary consent by the state and will not give the federal government or creditors the power to force a bankruptcy; therefore it would not interfere with state sovereignty or be unconstitutional.
Illinois legislators are nearing the end of the 103rd General Assembly. During Saturday’s brief session in the House, state Rep. Brad Halbrook, R-Shelbyville, used a point of personal privilege ...
On July 13, 2015, DonJon filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Connecticut with a debt of $32,509,549.91. Modern bankruptcy law often distinguishes reorganization , in which only some of the bankrupt's assets are taken, a repayment plan is devised and part of the debt is discharged , from ...
Yet a number of state parties of the Republican Party are going bankrupt. Though many in the GOP see Trump as the solution, giving him such power over the party will likely make things worse.
It's difficult to nail down a reliable statistic related to how many lottery winners go bankrupt. Some sources say one-third, while others say up to 70%. ... He won $20 million in a 1996 Illinois ...
Illinois July 2, 2009: First Financial Bank, N.A. 166 47 Rock River Bank Oregon: Illinois July 2, 2009: The Harvard State Bank 77 48 John Warner Bank Clinton: Illinois July 2, 2009: State Bank of Lincoln 70 49 First State Bank of Winchester Winchester: Illinois July 2, 2009: The First National Bank of Beardstown 36 50 Elizabeth State Bank ...