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This statement came in response to rumors that some Republicans were preparing legislation that would allow states experiencing financial difficulty to declare bankruptcy, rather than coming to the federal government for a cash handout. This option would also allow states to renegotiate contracts with public employee unions.

Yet Cantor is also opposed to public bailouts and doesn’t yet have a third alternative for struggling states. He believes that it is not necessary for states to file for bankruptcy since “state governments have at their disposal the requisite tools to address their fiscal ills.” Nor do they need bankruptcy to enter into new contracts or collective bargaining agreements.

Bankruptcy is affecting millions of people and businesses across the United States and you could be next. If you are curious about your options contact a San Antonio bankruptcy attorney now to see what legal and financial path would work well for your situation.