It's easy to blame Detroit's problems on corruption, unions and overly generous pension benefits, but none of which were the primary cause of bankruptcy. Detroit may have mismanaged finances, but the state's cuts to revenue sharing doomed the city.
Poor Detroit. The City's been getting a ton of abuse over the past week or so ever since it was announced that they were filing for bankruptcy. It's just not fair. Detroit's a cool town. I can think of at least 10 good reasons why moving to Detroit isn't such a bad idea at all.
I feel bad for the folks in Detroit right now because it already sucks to live there, plus the Lions are usually bad, and with this new bankruptcy filing, it's just another blow to the hometown spirit.
The refrain on repeat across news outlets includes some combination of the following: decades of mismanagement, a shrinking tax base, the decline of industry, and corruption. All of these factors doubtlessly contributed to Detroit's financial distress, but as an explanation for it they are woefully incomplete.
The world will shrug when Detroit's art collection is put on the block, when cops are fired, when schools close and when real people suffer. But don't pay back bondholders and attention must be paid.
The Windy City is likely the next shoe to fall. Above all, elected officials around the country must take this lesson from Detroit: Do not spend money you do not have because one day, the bills will come due.
In an Alice Through the Looking Glass decision, where everything appears backwards, the Fourth Circuit Court of Appeals ruled a 1099-C meant nothing, ...
Huffington Post Reader Question Dear Steve, Went to Temple University and got a BS in Exercise Physiology. I owe Sallie Mae over $165,000 in loans,...
Huffington Post Reader Question Hi Steve, Like many others who have written you, I come with a question regarding private student loans. Between m...
When a kid snatches an old lady's purse, it's punished as a crime. But when a corporation manipulates bankruptcy law to deny thousands of retired coal miners benefits they labored their entire lives to earn, it's endorsed by federal court.
Student lenders have collection powers denied most creditors. Credit card companies can't garnish your wages without a court order. A federal student loan collector can garnish your wages just by sending a notice in the mail to your employer.
There is an age-old tradition in this country: if you don't like a law and can't get rid of it, look for a loophole. That's what some companies that don't want to comply with an important Obamacare requirement have done, and it appears they've hit pay dirt.
All smart entrepreneurs know to seek legal council prior to signing off on a term sheet. However, even those who do understand the terms, tend to visualize a profitable exit,
A recent publication out from the Federal Reserve appears to indicate consumers have learned to cut back on debt, at least for now. The reduction mig...
We are wary of used cars salesmen, but how conscious are we of the fact that almost everything we buy is sold to us by a commission-based broker who wins when they convince us to buy more than we came to purchase?
I've written a number of guides about all sorts of debt related issues but for some reason I've never written one about how to find a great bankruptcy attorney. So here goes.