An Update on the City of Detroit’s Bankruptcy Filing
As many of you are aware, the City of Detroit filed for bankruptcy under the federal bankruptcy law; it is Chapter 9 under that law. That was in July 2013. The case has been before Judge Steven Rhodes. The filing is not official until the Judge agrees in a ruling, because a municipal government must show that it meets certain conditions before it is allowed to proceed under the terms of the law. That ruling came on 3rd December 2013. Judge Rhodes agreed that the City of Detroit is ‘insolvent’. As a result, he declared that the City of Detroit is eligible for a bankruptcy proceeding under the federal bankruptcy… Read More »An Update on the City of Detroit’s Bankruptcy Filing