Financial distress and municipal bankruptcy

The case of prichard, alabama

Dados Bibliográficos

ID20201633
AutoresDouglas J Watson, Donna Milam Handley, Wendy L Hassett
Ano2005
Volume17
Fascículo2
Páginas129-150
Data de publicação2005-03-01
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoJournal of Public Budgeting Accounting & Financial Management (JOURNAL)
Identificadores do periódicoISSN: 1096-3367 • E-ISSN: 1945-1814
EditoraEmerald (PUBLISHER)
DOI10.1108/jpbafm-17-02-2005-b001
OpenAlexW2470173814
IdiomaCA
Citações recebidas5
Referências citadas7

Since 1934, the federal government has provided a process for municipalities to declare bankruptcy, and approximately 500 governments have done so. In recent years, an average of less than one city government declares bankruptcy each year. In this article, the authors identify five factors that contribute to financial distress for cities which, if left unattended, can lead to municipal bankruptcy. This discussion is followed by an examination of the events that led to the bankruptcy of the City of Prichard, Alabama, once a prosperous suburb of Mobile. The authors conclude that this municipal bankruptcy occurred, in large part, because Prichard failed to face the factors of financial distress identified by the authors in the years prior to filing for bankruptcy

Bankruptcy · Business · Distress · Financial distress · Financial system · Sociology · Housing Market and Economics · Medicine · Finance