Client Alert

Under current bankruptcy law, units of local government cannot voluntarily petition for municipal bankruptcy under Chapter 9 without express and specific authority from the state. Currently, with the exception of the Illinois Power Agency, the state of Illinois has not specifically authorized its municipalities or any other local governmental units to petition for Chapter 9 bankruptcy. Until such time as the State of Illinois legislature provides specific authority to units of local government to petition for municipal bankruptcy, no such petition will be permitted.

We have always been focused on finance.

  • 1913
    TS Chapman partners with Henry Cutler to form Chapman and Cutler
  • 1st
    Chapman's first client in 1913 is still a client of the firm today
  • 22
    Diverse financial practices serving regional, national, and global clients
  • 6
    Offices across the country and in key US financial centers

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