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Summary PUA 5305 Unit 5.docx PUA 5305 Detroit Municipality Petition for Bankruptcy Columbia Southern University PUA 5305-Public Finance and Budgeting Detroit Municipality Bankruptcy Petition Boroughs usually pursue recourse from some or all of their d
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PUA 5305 Unit PUA 5305 Detroit Municipality Petition for Bankruptcy Columbia Southern University PUA 5305-Public Finance and Budgeting Detroit Municipality Bankruptcy Petition Boroughs usually pursue recourse from some or all of their deficits through the legal process of filing bankru...
pua 5305 unit 5docx pua 5305 detroit municipality petition for bankruptcy columbia southern university pua 5305 public finance and budgeting detroit municipality bankruptcy petition borou
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PUA 5305
Detroit Municipality Petition for Bankruptcy
Columbia Southern University
PUA 5305-Public Finance and Budgeting
Detroit Municipality Bankruptcy Petition
Boroughs usually pursue recourse from some or all of their deficits through the legal
process of filing bankruptcy. In the United States, cities have a right to petition for insolvency
relative to chapter 9 of the federal bankruptcy code. This case study on Detroit's municipality
insolvency is the key in understanding the available legal druthers through which cities can
recoup optimum performance. Detroit is one of the municipalities in the United States that have
completed a petition to file bankruptcy.
Literature Review
The municipality of Detroit completed its petition to file bankruptcy in 2013. When
inferring the eligibility of a given municipality to file bankruptcy, there is a need to comprehend
its demographics, sources of revenues, and expenditures ("Financial reports," n.d). Cities need to
avoid the inimical impacts of budget deficiency to sustain their current and prospective plans
(Cwiek, 2021). The most efficient way through which this can be succeeded is by exploiting
alternative sources of finance (Lofchie, 2018). In a nutshell, municipalities should always
consider these sources of finance before reaching a point of no return.
Methodology
In this case study, an extensive analysis of secondary data was employed to augment the
research solutions about Detroit's bankruptcy. This particular methodology was suitable because
auxiliary sources of data are readily available on the internet. These sources of data were first
used to redefine the concept of metropolis insolvency. They were then used to deduce the
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