As am I sure everyone knows, in Michigan a municipality can't file for bankruptcy without the approval of an EFM, which means you can't have a bankruptcy filing until you have an EFM. Bankruptcy is not an alternative to an EFM; it is a measure an EFM could take if necessary.

I'm curious what happens if a city manages to run out of money before an EM is appointed. Without bankruptcy protection, you could see all kinds of disruptive behavior on the part of creditors. I wonder what the state would do then?