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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]
Kevyn Duane Orr [1] (born May 11, 1958) is an American lawyer who served as the emergency financial manager of the city of Detroit from 2013 to 2014 during the city's Chapter 9 bankruptcy. [ 2 ] [ 3 ] Orr is now a partner at the law firm Jones Day in its bankruptcy practice.
The first municipal bankruptcy legislation was enacted in 1934 during the Great Depression. [2] Although Congress attempted to draft the legislation so as not to interfere with the sovereign powers of the states guaranteed by the Tenth Amendment to the Constitution, the Supreme Court held the 1934 Act unconstitutional as an improper interference with the sovereignty of the states. [2]
By the time Detroit declared bankruptcy at 4:06 p.m. on July 18, 2013, Detroit had accumulated $18 billion in debt and city retirees' pension funds were underfunded by $3.5 billion. The number of ...
Chapter 11 cases dropped by 60% from 1991 to 2003. One 2007 study [40] found this was because businesses were turning to bankruptcy-like proceedings under state law, rather than the federal bankruptcy proceedings, including those under chapter 11. Insolvency proceedings under state law, the study stated, are currently faster, less expensive ...
Detroit is eyeing savings from a just-launched redemption offer for bonds it issued in 2014 as part of the city's exit that year from its historic bankruptcy, municipal officials said on Tuesday.
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]
In the United States, small business bankruptcy filings cost at least $50,000 in legal and court fees, and filing costs in excess of $100,000 are common. By some measures, only 20% of firms survive Chapter 11 bankruptcy filings. [2] Historically, debt restructuring has been the province of large corporations with financial wherewithal.