Detroit bankruptcy moves forward as judge rules city can shed debt

Detroit's historic bankruptcy will move forward after a judge ruled Tuesday that the financially crumbling city is eligible to shed billions in debt.

Judge Steven Rhodes turned down objections from unions, pension funds and retirees, which all stand to lose big under any plan to address Detroit's long-term liabilities.

The decision Tuesday was long-awaited, and clears the way for the city to proceed in the largest public bankruptcy in U.S. history.

"This once proud and prosperous city can't pay its debts. It's insolvent. It's eligible for bankruptcy," Rhodes said in announcing his decision. "At the same time, it also has an opportunity for a fresh start."

http://www.foxnews.com/politics/2013/12/03/judge-detroit-eligible-for-chapter-bankruptcy/

 

These poor people are going to lose a good portion of their pensions. I cannot imagine what that is like. After all the years of planning and now all that down the tubes. Very sad