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People can & do get out of paying the cities obligations by moving. Why would anybody try personal bankruptcy? It is horrible to go through. Individuals can't raise taxes so there isn't an artificial money tree to harvest. Individuals are lucky that they are far more constrained in how deep a whole they can dig themselves into before becoming insolvent.

The city needs to act in the best interest of the city as a whole. Not continue putting special interests at the head of the line to the detriment of the rest of us. I would hate to see the city go into bankruptcy, but I would rather the city goes into bankruptcy at $20.80 per $1,000 instead of $30 per $1,000. Taxes will be going up after receivership either way. The lower the base the better for the city to have a V shaped rebound. Plus, the taxpayers need a break in the pace of tax increases. Try thinking about the whole & not just the few. Creditors should have taken into consideration the cities ability to pay it's obligations before signing contracts with them.

The most horrible thing is Bond holders get paid first in Rhode Island. All other creditors get behind them in getting paid.