In 2013, faced with roughly $20 billion in debt it couldn’t pay and in a state of fiscal emergency, Detroit declared bankruptcy, launching the necessary legal proceedings to move the city out of its ongoing crisis.
It wasn’t easy, but the decision enabled the city to recover from that economic plight. Detroit is in a much better position today.
While not ideal, such extreme measures are sometimes the only option for communities unable to get their financial houses in order. Drastic times call for drastic action to ensure taxpayer resources are protected…