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Detroit bankruptcy. Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama 's $4-billion filing in 2011. [1]
The architect of the bankruptcy filing was Kevyn Orr, a lawyer hired by then-Gov. Rick Snyder in 2013 to fix Detroit's budget deficit and its underfunded pensions, healthcare costs and bond payments.
Detroit was determined by a state-appointed review team to be in severe financial distress in 2012. “Bankruptcy is a miserable process," Orr, 65, told The Associated Press earlier this month ...
Political party. Democratic. Education. University of Michigan (BA, JD) 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.
e. Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection.
Detroit is edging dangerously close to bankruptcy, and the most obvious sign of its dramatic financial downfall lies in the ramshackle, abandoned homes that dot its neighborhoods. Michigan Gov ...
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