Behm Law Group, Ltd. provides bankruptcy attorneys in Mankato, MN and surrounding areas
Late in May, the City of Detroit made the case for its bankruptcy restructuring plan via a court filing, an event made all the more surreal since Detroit is the only United States city to ever file for bankruptcy protection. As bankruptcy law goes, it doesn’t get much bigger, or unusual, than this.
Just consider that the city argued it has the legal justification to transfer ownership of the Detroit Institute of Arts to a third-party non-profit organization. That’s right; a city is in jeopardy of losing a museum due to bankruptcy. Most individuals have to worry about losing a vehicle through bankruptcy, but the City of Detroit is trying to figure out a way to keep its museum intact. Talk about pressure.
Or, consider that the City of Detroit has been arguing that its pension annuity payments are “excessive” and those excessive pension distributions are tantamount to a Ponzi scheme. It takes a certain astonishing level of systemic financial mismanagement to refer to your city’s own pension system as a Ponzi scheme.
Not surprisingly, the City of Detroit is facing considerable pushback as it makes its legal case for the justifications surrounding its bankruptcy filing, but it should prove fascinating to watch as it unfolds.
Thankfully, individual bankruptcy filings don’t entail nearly the same seemingly impossible legal hurdles the City of Detroit faces, although individual bankruptcies can be incredibly daunting in their own right.
While chances are you won’t be trying to save your own personal museum from being liquidated to appease creditors, you will want to protect some of the most personally meaningful items and property, and that’s incredibly important to you.
Behm Law Group understands how stressful individual bankruptcy can be, and we’ll work to ensure your bankruptcy journey is as smooth and efficient as the law allows. Our professional and knowledgeable bankruptcy attorneys have helped countless clients just like you to navigate the incredibly confusing bankruptcy landscape.
You don’t have to, and shouldn’t, go through a bankruptcy ordeal on your own. If you reside in Mankato, MN or anywhere in Southern Minnesota, and you require bankruptcy guidance, contact Behm Law Group today. We’ll be alongside you every step of the way to successfully guide you through this complicated process.
And, if you do happen to have a museum you’d like to hold on to, we’ll see what we can do about that, too.