The “bankruptcy”, enforced by US bankruptcy court, will stop all creditor collection cold.
First, it is unlikely to be a traditional bankruptcy under the code. It would be Congress creating a mechanism that has the power to renegotiate debt.
Then a “plan of reorganization” will be quickly adopted where in exchange for USA infusion of $10- 20 billion NOW, the debts will be GUARANTEED by the USA assuring Wall Street.
That would require Congress to appropriate that infusion of $10-20B, and if Congress were to attempt that, then I agree we should try to stop them cold. That's the legislation that should be opposed, but that's not what is being described in your article. You apparently oppose any permission to restructure even if it does not include a dime of taxpayer money or loan guarantees. And that's just stupid.
I promise you that they are planning infusion!! There is no doubt! I appreciated your knowledge and caring about this important discussion. We must stop this. It is much bigger the PR — IT IS ABOUT ILLINOIS AND CALIFORNIA. I want not 1 dime to go to these profligates!!