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City of Detroit Allowed to Proceed With Bankruptcy

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A judge just ruled that the City of Detroit, which filed for Chapter 9 protection, is now eligible to seek bankruptcy protection.

The city owes a whopping $18 billion in debt, when no real solution, but bankruptcy, in sight.

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Unions, who of course opposed the city’s pursue of bankruptcy, are really ticked off, because they believe that city workers will get stiffed out of their pensions.


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