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According to a Detroit area bankruptcy attorney, legal costs for the bankruptcy proceedings could cost Detroit "tens of millions to hundreds of millions of dollars." [34] Orr hopes that Detroit can emerge from bankruptcy by late Summer or Fall in 2014; he says that the process is moving as "expeditiously as possible". [35]
If your attorney failed to file or completed less work than you paid for, you may be entitled to back fees. If you paid an upfront fee to a lawyer to file Chapter 13 bankruptcy on your behalf and ...
Focus on bankruptcy attorneys with local expertise. Besides being familiar with bankruptcy laws, the attorney should be familiar with the local laws of the court where your bankruptcy case will be ...
Over $4 billion in debt (largest Chapter 9 bankruptcy until 2013 Detroit bankruptcy filing,) [36] from sewer revenue bonds tainted by an interest rate swap bribery scandal with JPMorgan and county commissioner Larry Langford, and bond insurance credit rating collapse in the late-2000s subprime mortgage crisis, followed by the occupation tax ...
The architect of the bankruptcy filing was Kevyn Orr, a lawyer hired by then-Gov. Rick Snyder in 2013 to fix Detroit's budget deficit and its underfunded pensions, healthcare costs and bond ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
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