• Chicago Bankruptcy Lawyer Reflects on Detroit Financial Crisis

    Detroit has been in a financial slump for many years now, and the effects have been felt by public officials, business owners and certainly laid off workers. Some experts predict that Detroit may become the first major American metropolis to file a Chapter 9 municipal bankruptcy.

    As Detroit has faced hundreds of millions of dollars in bills, the city has continued to cut back on public services. Detroit is battling claims and lawsuits from creditors, city worker unions and retirees. The repercussions are being felt throughout the city as there are fewer police officers and firefighters available.

    It is possible that a federal bankruptcy judge could permit Detroit to renegotiate labor contracts or even nullify them.

    “It’s a situation of ‘Be careful what you wish for,'” says John Pottow, a professor at the University of Michigan Law School. “The judges are much more involved. They’re reflecting an amenability to serious labor cuts, and I think that’s surprising to a lot of people who didn’t think they’d do much in bankruptcy. We are in a new era of Chapter 9 and using it in new ways. It’s an unknown, uncharted and unpredictable process.”

    These cuts to unions and other programs may cause Detroit citizens to struggle with their own debt as government programs they rely on dry up. Please visit our site for more bankruptcy information .

    Benjamin Brand Services- Chicago bankruptcy attorney .

  • Chicago Bankruptcy Lawyer Supports Senator-Elect Warren

    Early reports indicate that Massachusetts Senator-Elect Elizabeth Warren is expected to be granted a seat on the Senate Banking Committee. Warren, a Harvard bankruptcy professor, is a consumer advocate who is has consistently been outspoken about big banks’ and credit card companies’ exploitative tactics.

    If appointed, Warren will have a hand in re-writing the Dodd-Frank Act as well as other significant financial legislation pieces. A final decision on the Senate Banking Committee appointments will not be made until the new session of Congress convenes.

    “We certainly plan to reach out to Senator-Elect Warren,” said James Ballentine, executive vice president of congressional relations and political affairs at the American Bankers Association. “That outreach will stretch beyond Dodd-Frank reforms, which is the corner many will try to paint her into.”

    It is great that a consumer advocate like Senator-Elect Warren will be appointed to such a prestigious position. Her experience and passion for fighting for the middle class will be a fresh of breath air for Congress.

    Please visit our site for more bankruptcy information , and contact our firm for a free consultation.

    Benjamin Brand Services- Chicago bankruptcy attorney .