Puerto Rico has filed bankruptcy: As per our report last night that following the expiration of the litigation freeze, Puerto Rico’s creditors had filed a barrage of lawsuits against the insolvent Commonwealth a bankruptcy was imminent, moments ago Puerto Rico’s governor announced the commonwealth will request bankruptcy protection of a portion of the island’s
Detroit has been de facto bankrupt for a very long time and yesterday it became de jure bankrupt with a Chapter 9 bankruptcy for the former Motor City. Hard to believe that during World War II Detroit was the heart of the American industrial machine that produced more military equipment than the rest
. Hattip to Instapundit. As faithful readers of this blog know, I am, for my sins no doubt, an attorney. My bankruptcy practice has grown 20-25% each year of the Obama administration: Tax refunds being used to pay for bankruptcy filings. “More than 200,000 money-strapped households will use their tax refunds this year to pay for bankruptcy
Hattip to Ed Morrissey at Hot Air. As regular readers of this blog know, I am, for my sins no doubt, an attorney. I was examining the year end stats for my practice, and I noticed that the legal fees I derived from my bankruptcy representation of creditors and debtors almost doubled in 2009 over what they
In a time when government bailouts are the current craze, it is perhaps impolitic to note that governments at all levels cannot meet the obligations they currently have, let alone fund massive new undertakings.