Is bankruptcy a way out for fiscally strapped states?

Is bankruptcy the way out of states’ fiscal morass? Writing in the DC Examiner, Michael Barone says states like California and Illinois can’t expect much federal help for their desperate financial problems now that Republicans control the House of Representatives–but maybe Congress would pass legislation allowing them to declare bankruptcy. A Depression-era law allows local governments to take that route, and a number have in recent years or are likely to in the near future.