Wolfson Bolton Kochis Wolfson Bolton Kochis

City of Detroit Files Chapter 9 Bankruptcy

The first step in the bankruptcy process requires the City to prove that it is eligible for Chapter 9 protection. Eligibility requirements include the City of Detroit proving that it is insolvent and that it has negotiated in good faith with creditors but failed to obtain an agreement to effect a plan of adjustment. If Detroit is found ineligible to have filed a Chapter 9 bankruptcy, the bankruptcy court must dismiss the case.

Categories: 
Related Posts
  • Michigan Supreme Court Landmark Decision on Automotive Supply Contracts Read More
  • Private Business Required to Disclose Ownership under New Corporate Transparency Act Read More
  • Supreme Court Rules Section 363(m) of Bankruptcy Code Is Not Jurisdictional Read More