Ashton, Bekins, and Necessity: Why Chapter 9 is Constitutional, But Not the Only Way for Municipalities to Adjust Their Debts
by Aaron Michael Dmiszewicki The 1930s saw the nation in crisis, steeped in the worst of the Great Depression. In 1936, over 2,000 municipalities, counties, and other governmental units, in 41 of the 48 states, were known to be in default. In response to this crisis, Congress amended the Bankruptcy Act in 1934 and passed the […]