From Name: From Email: To Name: To Email: Optional Message: Could Illinois be the first state to file for bankruptcy? from CBS News Illinois residents may feel some solidarity with the likes of Puerto Rico and Detroit. A financial crunch is spiraling into a serious problem for Illinois lawmakers, prompting some observers to wonder if the state might make history by becoming the first to go bankrupt. At the moment, it's impossible for a state to file for bankruptcy protection, which is only afforded to counties and municipalities like Detroit. more 7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063