Should municipalities be able to declare bankruptcySolutionA

Should municipalities be able to declare bankruptcy?

A Municipality should declare bankruptcy if the following conditions are satisfied:

1)It must be a subdivision of state politics.

2)State law must permit the Municipality to file the bankruptcy.

3)The Municipality mustnot have enough funds to meet their current obligation either in present or in future.

4)The Municipality must think of effecting a plan for adjusting it\'s debt.

5)The Municipality must show it\'s unsuccessful creditors negotiation efforts.

If the above criteria is full filled then the Municipality will be able to declare bankruptcy.