Michigan Bankruptcy

Timesunion.com published an article discussing the chances of bankruptcy in the State of New York after Detroit’s recent bankruptcy. In the past, New York responded by creating what are known as control boards. I know. In my first term as state assemblyman, I wrote the control board law for Yonkers. It did what control boards …

The Michigan Attorney General Bill Schuette is making plans to defend against any attempted bankruptcy liquidation of Detroit Institute of Art collection. Michigan Attorney General Bill Schuette says he’s prepared to defend the Detroit Institute of Arts collection in federal bankruptcy court. Schuette recently released an opinion that the artwork cannot be sold to satisfy …

NBC News is reporting that the City of Detroit plans on filing its restructuring plan by the end of 2013. This puts the City’s time frame ahead of the date previously set by Judge Steven Rhodes of the U.S. Bankruptcy Court for the Easter District of Michigan, Detroit Division. That timeline is more ambitious in …

The Michigan Attorney General Bill Schuette stated that he will file an appearance in Bankruptcy Court on behalf of pensioners in the City of Detroit’s bankruptcy case. The Attorney General will argue that the Michigan Constitution does not allow adjustment of City pensions. “Michigan’s constitution, Article 9, Section 24, is crystal clear in stating that …

Well, it finally came down to it. The city of Detroit filed for bankruptcy protection under a massive amount of debt. It seems as if the emergency manager just wasn’t able to accomplish what he sought out to do.  Take a minute to read the article below. The real question is how will this effect …