Let's imagine if there was a bankruptcy hearing, though this would not happen.  A judge would take about 3 minutes and direct the state to reduce spending, increase the share of the state's budget paid for by business (which has been going down for years), and abolish the kicker.  More importantly the judge would direct comments to cranky citizens that want a bankruptcy because they simply don't feel like holding up their end of the deal.
One thing people like Mr. Felter need to come to terms with is that the state's economy actually is very healthy.  Our state's GDP growth is second only to Washington among states and our credit rating is in the second highest group of states.  What is needed is leadership in Salem from both parties and especially Kate Brown!