by Kerry Lutz, FinancialSurvivalNetwork.com:
As predicted many months, Detroit’s bankruptcy filing has been validated in a ruling by Bankruptcy Court Judge Steven Rhodes. He rejected numerous objections posed by unions, pension funds and retirees. They’re the big losers under any reorganization plan that scales back Detroit’s long-term liabilities.
As a Financial Survival Network listener you knew this day was coming. The decision, which will be appealed, will eventually allow the city to proceed with what is currently the largest public bankruptcy in U.S. history.
Rhodes said, “This once proud and prosperous city can’t pay its debts. It’s insolvent. It’s eligible for bankruptcy. At the same time, it also has an opportunity for a fresh start.” He said the bankruptcy should have been done years earlier.
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