Latest Breaking News On - State prohibitions - Page 3 : comparemela.com

determine whether the city of detroit is eligible for chapter 9 bankruptcy protection. if detroit is determined eligible, it will be the largest municipal bankruptcy filing in u.s. history. in order to qualify, the city must prove two things. first, it must show that detroit is insolvent. in theory, this should be relatively straightforward. detroit can no longer afford to perform basic functions like keeping street lights on and putting police officers on the street. in the trial, detroit s lawyers must also prove it had the authority to file for bankruptcy in the first place, something that may prove more complex. unions and pension funds claim the city failed to negotiate in good faith before filing for bankruptcy, and they are aggressively challenging the city, making the case that detroit s bankruptcy filing violates state prohibitions against cutting public pensions. if detroit does clear the chapter 9 hurdle, these unions will lose their leverage and are likely to see their pens

Bankruptcy filingUs historyChapter 9 bankruptcy protectionPolice officersStreet lightsThe streetOklahoma cityPension fundsState prohibitionsPension paymentsChopping block