shall not be diminished. now, the state is appealing that court order but is the county judge wrong? well, chris, as you just noted, that s currently in litigation on appeal. to the michigan court of appeals. and because of that i m somewhat limited in what i can or should say. suffice it to say there are important questions of federalism involved. i think the automatic stay was attached prior to that. just to follow up briefly, obviously when you file bankruptcy, you knew what the michigan state constitution said, so why didn t that stop you? well, no, we have some pretty grievous problems, as you mentioned earlier. significant debt. and this is the only way that we think of that we can resolve it so we were compelled to file bankruptcy. let s talk about the pensioners because roughly $10 billion of the $19 billion debt of detroit is unfunded health and pension benefits to people who have worked for the city for decades. and that raises the question you promise that you re goi
i lost my job in 08. my wife lost her job in 09. we went through all of our savings over the next couple years, had to file chapter 7 bankruptcy. we re now waiting for news on when we need to move out. when they re going to foreclose. and we want to know how it restore our credit. two things, first of all, what s amazing is that the man was bankrupt, lost everything. very common scenario in this country. and now the lender to show you how dysfunctional they are, he s been living there two years not making payments. that s how much it goes through the cracks. at the beginning of this presentation, i explain how we got here, how complicated this process is. credit will come back. if you continue to pay on your consumer debts. your credit cards, your car payments, fico score also come back up. fh arrange is supposed to come out with an announcement. they re talking about it. so it s not definitive, that even if you file bankruptcy, even if you ve been foreclosed on, even if you have a s
say no deal, and then they say you can t see it because of executive privilege. so even if they have a completely pure hand, they have made it look so suspicious. my sense is it is not a completely pure hand. but hypothetically. but we know the facts. and there s already indications there s been discussions generally at the highest levels of the justice department, which by the very requirement that you get approvals for certain of these things, and getting pretty close to the top and we know thatler, the firstler drafted including editing from the head of the criminal division. we will find out tomorrow maybe a little more. we will. thank you, sir. thanks, greta. now to california where tensions are running sky high in the city of stockton. this week the city. stockton will file bankruptcy, being the largest u.s. city ever to file for bankruptcy. it will be a blow to stockton residents, especially city employees and retirees. they will lose most city-funded health bene
say no deal, and then they say you can t see it because of executive privilege. so even if they have a completely pure hand, they have made it look so suspicious. my sense is it is not a completely pure hand. but hypothetically. but we know the facts. and there s already indications there s been discussions generally at the highest levels of the justice department, which by the very requirement that you get approvals for certain of these things, and getting pretty close to the top and we know thatler, the firstler drafted including editing from the head of the criminal division. we will find out tomorrow maybe a little more. we will. thank you, sir. thanks, greta. now to california where tensions are running sky high in the city of stockton. this week the city. stockton will file bankruptcy, being the largest u.s. city ever to file for bankruptcy. it will be a blow to stockton residents, especially city employees and retirees. they will lose most city-funded health bene
did renegotiate in bankruptcy or cut the sales tax back off? st. louis it off? guest: well, what we are going to do is continue to do what we have been doing. controlling spending. controlling our increases in unfunded pension and liabilities. continue to build our reserves. the sales tax has a 10-year expiration date and we continue to use the funds to improve the city and improving the environment if if for the citizens. eric: and we hard that stockton has problems and maybe would have to file bankruptcy have they contacted you? guest: they may is contacted the city manager, but i have spoken to one council member. a couple of months ago discussing options that they may have. the situation seems to be considerably different. they have quite a bit larger general fund than we did. and, so the percentage of the loss and the deficit this they are experiencing isn t quite the same as the our city.