According to recent predictions by Chicago Governor Bruce Rauner, it appears that Chicago is headed toward bankruptcy quicker than some once thought. Bankruptcy may be nothing new for some cities throughout the country, with both Stockton and Detroit filing in recent years, but Chicago would be the biggest city by far to take the plunge.
Governor Rauner essentially declared the city's finances dismal and encouraged voters to consider this reality on April 7 when they vote on a new mayor. Rauner is asking Chicago residents to make their decision based on which candidate is better equipped to deal with these financial hurdles. Taxpayers deserve a voice and the right mayor could have a big impact on that.
Both the current mayor and his opponent are questioning some of Rauner's recent decisions. More specifically, his decisions to close Chicago Public Schools and potentially eliminate red light cameras. Regardless, one of Rauner's main concerns is the government unions.
Rauner said that the government unions are a big source of Chicago's financial troubles. Politicians are being encouraged to spend more and rack up pensions, neither of which bodes well for the future of the city.
Rauner hasn't endorsed either mayor candidate, but he is pushing for voters to discuss the correlation between government unions and the candidates before voting on April 7.
What would bankruptcy mean for Chicago?
Bankruptcy is never the solution that anyone wants to hear, particularly on such a grand scale like Chicago, but it may just be the long-term fix to a very serious problem. Governor Rauner understands that sometimes it is better to hurt in the here and now if it means greater relief on a permanent basis.
For others facing bankruptcy, the predicament is often similar. Should you choose to bite the bullet if it paves the way toward greater financial freedom? If you are deliberating about filing for bankruptcy, it may be wise to learn a lesson from Governor Rauner. Choosing the difficult solution now can pay dividends in the future.
Get in touch with our firm's Chicago bankruptcy attorney for personal counsel and representation as you consider filing for bankruptcy.