Rebuild Detroit with Bankruptcy
15 Months to Stop 60 Years of Decline
According to Bloomberg.com, Detroit plans on completing its Chapter 9 bankruptcy process in 15 months. Governor Rick Snyder says that the plan will reorganize $18 billion of debt in an “aggressive” goal to rebuild Detroit and restore essential city services after 60 years of decline.
This decline is exemplified by Forbes.com’s ranking of Detroit as the number one most miserable city in the United States for 2013. Detroit’s violent crime rate tops the country at 1052 violent crimes per 100,000 people.
The good news is that the violent crimes rate has dropped dramatically over the past 3 years. With this bankruptcy, Detroit plans turn itself around to become the metropolis it once was. Although, the plan to restructure its debt is aggressive and probably not achievable in that time frame, it is time for the city to rally in the effort to rebuild Detroit.
Detroit is called Motown, Rock City and The Motor City for its music and automotive achievements. The city has 22 professional sports championships. It is not only the home to the Bad Boys of the Detroit Pistons but also the home of the ice cream soda. It has the only floating US Post Office, the largest island park in a city and provides us with our football fix every Thanksgiving. The city was once thriving and a leader in the US economy. Now Detroit will attempt to restore its significance through Bankruptcy.
People think of bankruptcy as a bad word. However, in today’s economy, many people have been forced to file bankruptcy. Bankruptcy has given them a fresh start. If bankruptcy can do that for these people, hopefully, bankruptcy can do that for the City of Detroit. Like an individual bankruptcy, Detroit can use it to restructure its debt to something more manageable. This will in turn allow Detroit to have funds for necessary expenses to rebuild the city. If all goes according to plan, Detroit can be back on its wheels rockin’ to music in 15 months.