Bankruptcy News

MSNBC.com
The city of Detroit is close to becoming the largest city in the country's history to go bankrupt. The city currently owes over 16 billion dollars to its creditors. Property tax collections are down 25% in the past 5 years. Despite shrinking in size over the past few years since the US financial crisis the city is still home to over 700,000 people. This means the per capita debt is over $24,000.
St. Louis Business Journals
Although student loans are normally not eligible to be relinquished in chapter 7 bankruptcy filings the courts seem to be more lenient in recent months with the acceleration of student loan write-offs.
The Salt Lake Tribune
Bankruptcy filings in Utah are down by nearly 12% from 2012 levels. Low interest rates and improving employment levels were cited as the main reason for the decline. In the first half of 2013 there were 7,596 bankruptcy petitions.
Townhall.com
A recent study suggests that the existing Social Security system could be insolvent much sooner than the projection of 2033 if nothing is changed. Some predict the social security system could be bankrupt by 2025.

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