A recent report by Detroit’s emergency manager declares that the city is broke and at risk of running completely out of money. This financial meltdown could mean employees do not receive paychecks, retirees lose their pensions and residents endure even deeper cuts in municipal services.
If Detroit cannot bounce back from this devastation, the only remaining option appears to be bankruptcy. In March 2012, Detroit borrowed $80 million from Bank of America to avoid running out of money. However, in the last year there has been no improvement. The budget deficit that a few months ago was believed to be about $327 million could reach $386 million before July 1. The city also owes more than $400 million, including $124 million for public improvement projects. Its long-term debt tops $14 billion.
Click here to read more about the latest city on the verge of filing bankruptcy.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.