A corporation in distress can be liquidated and its assets distributed. A city cannot, because its assets are streets and schools and its creditors cannot take them. That single fact produces the entire structure of municipal insolvency law, and this article works through it. It covers the constitutional constraints that shaped the chapter, the eligibility requirements that gate access to it, the powers a municipal debtor has and the ones the court does not, the plan of adjustment and what confirmation requires, and the state-level oversight and receivership regimes that handle most distress without a filing.