Puerto Rico owes approximately 72 billion dollars to its creditors. Although the island is a United States territory, it is not considered a state for purposes of filing for Chapter 9 municipal bankruptcy. Although there have been several proposals to try to help Puerto Rico climb out of its debt, without amending the federal bankruptcy law to include Puerto Rico as a state for purposes of Chapter 9, the United States territory will collapse. In a blog written for the Delaware Journal of Corporate Law, DJCL Copy Editor Ashley DiLiberto argues that Puerto Rico deserves equal protection of the laws enjoyed by the several states; to hold otherwise reeks of discrimination and bias to our island brothers and sisters.
Read more at http://www.djcl.org/blog.