Detroit facing Chapter 9 Bankruptcy

Kevyn Orr, the emergency manager appointed for Detroit, is working hard to make deals with the city’s creditors in an attempt to avoid bankruptcy. In a statement last week, Orr said that creditors refusing to make deals in the belief they will have a better chance if the city files for bankruptcy under Chapter 9 of the United States Bankruptcy Code are mistaken. Even though he has significant power know, bankruptcy might help even more.

To get a better understanding of Chapter 9 and how it would work in the Detroit case read, “Chapter 9 bankruptcy: Answers to key questions.”

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