September 3, 2011

Federal judge denies Idaho county's bankruptcy petition

Boise County failed to prove it is insolvent and should be protected from a $4 million judgment, said Chief Judge Terry L. Myers of the U.S. Bankruptcy Court, District of Idaho. Most local governments that filed for Chapter 9 bankruptcy have done so because of massive bond debt. There have been just 625 filings since the Chapter 9 option became available to municipalities in 1937.

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