Triple Lutz Report #282 – Detroit Goes Bankrupt

from Financial Survival Network

The City of Detroit finally did the unthinkable, it filed for Chapter 9 Bankruptcy. There’s so much going against the Motor City, it’s hard to see it ever recovering even a glimmer of its former glory. A Michigan judge is trying to throw a monkey wrench into the whole process by issuing a ruling that the city’s filing is unconstitutional under the state’s constitution, as it will result in the reduction of retiree benefits, an outcome which is clearly forbidden under Michigan’s constitution. But bankrupting a city and its taxpayers is fully permissible. Good luck on that one.

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