Considering Bankruptcy in Michigan

The tiny city of Hamtramck, Michigan, is edging closer to bankruptcy, as budget woes grow.

But the state may be hesitant to allow the bankruptcy plan to go through, as other cities may choose to follow.

"'We can make it until March 1 - maybe,' Mr. Cooper said of Hamtramck's ability to pay its bills. Beyond that? The political leaders of this old working-class city beside Detroit are pleading with the state to let them declare bankruptcy - a desperate move the state is not even willing to admit as an option under the current circumstances.

'The state is concerned that if they say yes to one, if that door is opened, they'll have 30 more cities right behind us,' Mr. Cooper said, as flurries fell outside his City Hall window. 'But anything else is just a stop gap. We're going to continue to pursue bankruptcy until the door is shut, locked, barricaded, bolted.'"

Full Story: In Michigan, a City Pleads for a Bankruptcy Option

Comments

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!
Book cover of Insider's Guide to Careers in Urban Planning

So you want to be a planner...

Check out our behind the scenes look at 25 careers in the Urban Planning field
Starting at $14.95

Stay thirsty, urbanists

These sturdy water bottles are eco-friendly and perfect for urbanists on the go.
$19.00