Detroit a financial mess – bankruptcy an option?

Last week, Detroit was declared to be in financial crisis by a state-appointed panel of experts.  The governor of Michigan is expected to appoint a financial manager to assume the city’s functions based on the findings of the panel of experts.  City officials oppose the financial manager, as the plan would result in a loss of power on that level.  Filing for bankruptcy relief under Chapter 9 of the Bankruptcy Code may be an option for Detroit; however, there would be disadvantages to the city filing bankruptcy.

For more read, “Bankruptcy filing may be bad option for Detroit.”