Experts say bankruptcy is no easy fix. University of Chicago Law Professor Douglas Baird says compared to Chapter 11, which applies to corporations and individuals, there are many more hurdles to cross before filing for Chapter 9 - municipal bankruptcy.

"As long as they are able to access credit markets and meet current bills, they are not even eligible for Chapter 9," Baird said.

Which Baird says CPS is doing. In addition, he says revenue options must be exhausted before Chapter 9 eligibility. But, if bankruptcy became reality, Baird says taxpayers are still on the hook for coming up with revenue to pay creditors.

As for any changes in the classroom, Republicans claim there won't be any. Baird says that depends on who is in charge.

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