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Detroit bankruptcy mirrors struggles of many Michigan families

As the news of Michigan's largest city declaring bankruptcy has been developing, we've been following the story to see how it might impact Wayne County residents and others around the state. Detroit's decision to file for bankruptcy did not come as a surprise to many in the area since the city's financial troubles are well-known. Just like a business or a family that has fallen on hard times and struggled to recover, the city of Detroit must now focus efforts on getting back on its feet, paying back debtors, and charting a path towards a brighter future.

Rebuilding after a bankruptcy is never easy and families in Michigan who have been through the process know how hard it can be to chart a path out of financial distress. In the case of the city of Detroit, the web of financial troubles is complex and will require many experts to untangle and chart a new path.

Although Detroit has filed under Chapter 9 of the U.S. Bankruptcy code that is available specifically for municipalities, the basics of bankruptcy are similar to those for a Chapter 11 business bankruptcy or a Chapter 13 or 7 personal bankruptcy. The primary task will be figuring out which debts the city will be able to pay and which it will not, and to make new agreements with past creditors.

We will continue to follow this story as more information about the restructuring plan emerges and track any updates that may impact Michigan taxpayers and local businesses. 

 

Source: Huffington Post. "A Guide to Detroit's Chapter 9 Default And How Bankruptcy Could Change the City," Ashley Woods, July 24, 2013. 

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    "I am overwhelmed by your response to my call, even 10 years after my bankruptcy was discharged. You have more knowledge and expertise than I could have imagined. Because of you, my fears have been put to rest. For that, I'm so very grateful. Thank you many times over. "

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    "... I was extremely impressed with Charles' understanding of the bankruptcy laws to the extent that I felt certain that my best interests were always at the forefront. "

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    Posted by MarleneJanuary 8, 2014

    He helped me thru my 1st bankruptcy and now the second. I had no idea what to expect , but they kept me informed and answered all my questions. Mr. Schneider is the most experienced and knowledgeable lawyer I have ever met. If you have to file call this attorney first!

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