The effects of a CPS bankrupty: a deeper look at legalities

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CHICAGO -- The state Republicans’ desire to offer a so-called lifeline to send CPS into bankruptcy, attorney Burt Odelson is reminded of that old saying desperate times call for desperate measures.

Odelson has made a career out of representing government entities run by Democrats, Republicans or a mix of both.

With debt and obligations that run a billion dollars plus and bonds that are junk status such a move on such a big scale has been done before—Detroit.
llinois governor Bruce Rauner has already gone on record as saying a private 401k for public employees could be an option.

Given that the state, county and city of Chicago are all in dire financial straits, Odelson says having a federal judge step in to save CPS and essentially wipe the slate clean isn't out of the realm of possibility says Odelson.

The Republicans would need the help of Democrats to make this happen which in of itself would be a huge political litmus test for house speaker Mike Madigan and Senate president John Cullerton.