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By Michael S. Anderson of Anderson Tax Law logo for Arizona tax attorney Michael S. Anderson P.C.
  • Detroit has filed for Bankruptcy Protection

    Detroit Enters Bankruptcy

    The City of Detroit has filed for Bankruptcy.  According to this Huffington Post Article, “Detroit Bankrupt: Kevyn Orr Asks Federal Judge to Place City under Chapter 9 Bankruptcy Protection”, the filing took place on Thursday the 18th of July as a result of a “long, slow decline in population and auto manufacturing”.

    The article goes on to say that between the years 2000 and 2010 the Cities population has dropped by 250,000.  At it’s height in the 1950’s Detroit’s Population was as high as 1.8 million.

    The only reason I am writing about it is because I want my readers to see that Bankruptcy is not just used by Consumers with high credit card debt.

    The US Constitution contemplates Bankruptcy and Bankruptcy Law has a very long history.  I have even posted previously about all of the famous people who have used it.  A better list than mine can be found here and it includes the likes of Abraham Lincoln, Walt Disney and yes even…Johnny Unitas.

    I don’t think that anyone with debt problems should just immediately file for Bankruptcy of course, and I do treat Bankruptcy as a last resort… always reviewing other options with my Clients in detail to ensure that Bankruptcy makes the most sense.

    I do think that despite my careful attitude toward it, Bankruptcy is often the best choice among very difficult ones and for the sake of your family and your peace of mind…you should not be afraid to consider it.

    Michael Anderson, Tax Lawyer In ArizonaWritten By:

    Anderson Tax Law
    2158 N. Gilbert Rd. Ste 101
    Mesa, Arizona 85203

    Phone: (480) 507-5985
    Fax: (480) 507-5988
    Email: [email protected]