Beyond Chapter 9 of the Bankruptcy Code, states and the Commonwealth of Puerto Rico are free to create a debt adjustment mechanism for their own public debt (as opposed to the debt of their instrumentalities and municipalities). This wiggle-room, however, is subject to the federal Constitution and any relevant state constitutional or statutory constraints. This note seeks to discuss and analyze the federal and state legal framework in which a debt restructuring for Puerto Rico's general obligation bonds would operate and draw a general road-map the Commonwealth could potentially follow if it ever needed to resort to a binding debt adjustment mechanism. […]