The city of Detroit is currently filing for bankruptcy after city funds dwindled to an almost nonexistent level. According to the Associated Press, Detroit residents have an opportunity to speak out about their opinions regarding the bankruptcy today. They will be able to stand before the judge and explain why they don't appreciate the bankruptcy, but ABC News warns that these petitioners may need to be quick when trying to express their concerns. Nearly 100 people, including many city workers and long-time Detroit residents, are scheduled to speak today to a bankruptcy judge but will only have three minutes each to argue their case.

Detroit is the largest city in the United States to ever file for bankruptcy. Its state-appointed emergency manager says that the city is buried in debt at the moment, with about $18 billion in liabilities including underfunded pensions and come bonds that the city just can't pay off. A judge set aside time to head residents objections, but the judge has given a very limited amount of time to residents to express their concerns.

USA Today reports that Detroit filed for Chapter 9 bankruptcy in a federal court. It is one of eight cities in the United States that have filed for bankruptcy relief because of dwindling finances. The USA Today reports that Detroit is sinking under billions of dollars in debates and has been the recipient of decades of mismanagement. Also, the city has suffered from population flight as bankruptcy became more of an option and a loss of tax revenue over the years.

After the filing creditors seeking funds from the city of Detroit will be required to renegotiate an $18.5 billion debt and other liabilities. City authorities say that the realities confronting Detroit have been ignored for much too long. Authorities want to grant the citizens of Detroit the basic services that they deserve. After six decades in the making, the time to file for bankruptcy has come.

The Detroit Emergency Manager released a plan to restructure the city's debt and obligations that would leave many creditors with much less than they are owed but still might solve many of the bankruptcy complications. The city council agrees that if negotiations hit an impasse then they would move quickly to receive bankruptcy protection from the federal government.

Authorities say that they have come to the conclusion that there is no way to address the debt without filing. The city government says that the filing will hopefully turn Detroit to financial and civic health for its residents and taxpayers. Many government authorities ignored the time of financial decline that was so obvious in the past 60 years, hoping that the city would just recover.

As a part of the bankruptcy process, two pension funds filed suit in the state court to prevent the government from slashing retirement benefits. The pension funds were worried that the government would take this action against city workers in order to help conserve funds as they tighten the budget. The pension funds claim to have $9.2 billion in unfunded pension and retiree health care liabilities.

A deal with creditors allows the city of Detroit approximately $11 million per month in casino tax revenues that will help to maintain city services while the officials are in court working out the details of the bankruptcy. Whether on a city level or a personal level, bankruptcy can be the best way to avoid financial devastation and get back on track. If you are an individual considering bankruptcy, you need to talk to a bankruptcy lawyer in your area today to get more information. This may be the best way to get yourself back on track financially!