The City of Detroit has asked that Eastern District of Michigan Bankruptcy Judge Steven Rhodes approve new financing for a loan to be taken out after the filing of the city’s bankruptcy case. Chapter 13 bankruptcy is a reorganization plan that pays back an individual’s creditors over a three to five year period. Much like […]
Small Business Continues Business as Usual in Michigan Despite Detroit Bankruptcy
Small businesses continue business as usual in Detroit and Southeast Michigan despite Detroit bankruptcy. Once again we see that businesses operate independent of the city government and unlike many politicians want us to believe, those small business owners are responsible for building their wealth. Case in point, we see the bankrupt City of Detroit, Michigan. […]
Detroit Bankruptcy Overshawdows Mayoral Election
The City of Detroit, Michigan, will select its new mayor today, Nov. 5th. Former Wayne County Prosecutor, Mike Duggan will seek to beat the Wayne County Sheriff Benny Napolean. It is a case of attorney turned politician verse police officer turn politician. Both argue that they have the ability to turn Detroit’s fiscal turmoil around. […]
Detroit Bankruptcy Eligibility Trial Enters Sixth Day
The trial for bankruptcy eligibility for the City of Detroit will proceed today. The United States Bankruptcy Court for the Eastern District of Michigan will again hold hearings in the trial. The trial is a requirement in all Chapter 9 bankruptcy filings to show that the governmental entity is eligible for protection under the bankruptcy […]
Michigan Planned Detroit Bankruptcy One Year Prior to Filing
News has come out in the City of Detroit’s bankruptcy eligibility trial that the State of Michigan and Jones Day, Detroit’s bankruptcy lawyers, had planned the bankruptcy more than a year before filing. One witness said he knew as far back as March 2012 that Michigan was planning the Detroit bankruptcy. This is not shocking […]
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