A bankruptcy lawyer for the city of Detroit started closing arguments today in Detroit’s bankruptcy trial. The bankruptcy attorney must prove to the court that the bankruptcy plan, which restructures the city’s obligations, is fair for all creditors and stakeholders. The bankruptcy lawyer made a point to stress that this bankruptcy plan will leave the […]
Detroit Bankruptcy Offers Incentive to Hold Out Bond Insurer
The City of Detroit’s bankruptcy lawyers are offering deals to the leading opponent of its bankruptcy filing. The deal involves riverfront property and an indefinite lease on parking garages to the bond insurer that continues to oppose Detroit’s bankruptcy filing. Under Chapter 7 and Chapter 13 bankruptcy, all creditors of the same class have to […]
Bankruptcy Court Rules It Cannot Tell Detroit Water & Sewer
Detroit’s Bankruptcy Judge has issued a ruling stating that he cannot force the City of Detroit to not shut off water for residents. Bankruptcy lawyers for both the city and advocacy groups submitted briefs regarding the issues. The bankruptcy court ultimately decided that bankruptcy law does not allow such a ruling. Detroit’s bankruptcy judge today […]
Detroit’s Grim Financial Condition Leading to Bankruptcy
Vox has a good article regarding Detroit’s finances leading to the city’s bankruptcy. The story shows how common rhetoric and supposition gets it wrong. Detroit, and most of its workers, much like most consumer debtors that file bankruptcy, were not living in luxury. Many times there is a stigma attached to consumer debtors who file […]
Detroit Bankruptcy Plan Lays Out Road Map for City’s Future
The City of Detroit’s CFO testified on Thursday regarding the feasibility of the Detroit Bankruptcy Plan. He also stated that he believes the plan operates as a road map to guide city officials in the future. Similarly, when an individual debtor meets with a bankruptcy attorney prior to any case being filed, the goal is […]
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