Some legal thoughts. I don’t know if it would be constitutional, but I would condition a federal bailout on reversion of the state to territory status, with an opportunity to reenter the union after it gets its fiscal act together, possibly as multiple states. For instance, if some of the eastern and/or northern counties wanted to band together to form a new government independent of Sacramento (or even including Sacramento, but independent of the coastal megalopolises) they could do so and apply for readmission. Alternatively, they might want to apply to be annexed to (say) Nevada, or Oregon.
Same thing for Illinois and New York, though the impetus to break them up would be much less in those cases.