Chicago Bankruptcy Lawyer

Recent Posts in Chapter 9 Category

  • Detroit Officially Enters Chapter 9 Bankruptcy

    On Tuesday, Federal Bankruptcy Judge Stephen Rhodes determined that the City of Detroit is eligible for Chapter 9 bankruptcy, ushering in a legal process that could have landmark decision written all over it. The city, with billions of dollars in outstanding debt owed, simply does not have the means to pay its creditors and is for all intents and purposes, insolvent. Judge Rhodes issued this ...
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  • Detroit Files for Chapter 9 Bankruptcy

    In a major, potentially precedent setting move, the City of Detroit filed for Bankruptcy protection under Chapter 9 of the Bankruptcy Code yesterday afternoon. Upon the filing, Detroit becomes the largest municipality to file Chapter 9 in United States history. Much like the Stockton Chapter 9 filing earlier this year, this is a move that could potentially see precedent set for other struggling ...
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  • Stockton, California and Chapter 9 Bankruptcy

    Chapter 9 Bankruptcy, reserved for municipalities, is a relatively rare and murky area of bankruptcy law. The concept of an entire city or municipality filing for bankruptcy seems strange to most, and in the area of bankruptcy law, pales in comparison to the amount of filings under other chapters in the bankruptcy code. Chapter 9 bankruptcy has its roots in the economic collapse of the Great ...
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