City of Detroit Allowed to Proceed With Bankruptcy

A judge just ruled that the City of Detroit, which filed for Chapter 9 protection, is now eligible to seek bankruptcy protection.

The city owes a whopping $18 billion in debt, when no real solution, but bankruptcy, in sight.

Unions, who of course opposed the city’s pursue of bankruptcy, are really ticked off, because they believe that city workers will get stiffed out of their pensions.