The Most Surprising Thing About Detroit’s Bankruptcy

As I think about the city of Detroit and the recent decision to file for chapter 9 bankruptcy, my thoughts return to my grandparents.

I was born in 1974.  When I was young, I spent many weekends at my grandparents house.  They lived in Detroit, in the house where they’d lived since the 1950’s.  I spent a lot of time there.  I got to hear about the decline of Detroit, and how things were getting worse, not better.

I have these memories from the early 1980s.  That was thirty years ago.

For many, those times would likely be considered good days compared to where things stand today.

1950’s – The Decline Begins

mb-201307detroitThe city of Detroit started to decline in the 1950’s if many reports are to be believed.  That’s when population started to decline, as the suburbs started to rapidly expand, and the postwar boom saw many people leave the city for the ‘new’ suburbs.

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Tips On How To Handle Bankruptcy Process

The following guest post is provided courtesy of SmallBusinessLoansDirect.com.

Of course, no one wants to go bankrupt.  But unforeseen circumstances can drive the best of people into dire economic conditions, and, at times, declaring bankruptcy can be the best option.  It is estimated that roughly 60% of bankruptcies are largely affected by medical bills and illness.  If you have suffered through the loss of a job, a home, or unexpected wage freezes or cuts during the recession of the last two years, and if this has forced you to consider bankruptcy, consider these facts before moving forward.

Your Credit Score Can Be Rebuilt

Many folks who are forced into bankruptcy due to extraneous reasons such as massive medical bills tend to think that their credit will never be able to be repaired.  This is simply not true.  Of course, your credit will take a major short term hit, but with steady discipline and dedication, you can rebuild your score.

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