As more states fall into a budgetary quagmire, many Americans have started to talk about the idea of states filing bankruptcy. Individuals can do it; companies can too. Even municipalities have the ability to file bankruptcy under Chapter 9 of the US Bankruptcy Code, so why not states?

A recent survey by the Turnaround Management Association (TMA) found that most turnaround professionals – lawyers, accountants and the like – don’t think states should be able to file for bankruptcy. Nearly 70% of respondents think struggling states need to look beyond bankruptcy for an alternative solution to solve fiscal problems aggravated by the recent recession.

But 32% of respondents are in favor of enacting a U.S. bankruptcy law for states, arguing that it would deftly address onerous union contracts and debt levels and drown out any pleas for federal bailouts.