Detroit became the largest city in the United States filed for bankruptcy, while improving what happens next issue. Here is look to know about the next steps:
The lights go out?
The city's emergency manager, Kevyn Orr said, the city will open and bills will be paid. It can do things like make the streets, police, firefighters on duty and the water running. The question now is whether these services will be cut.
How long?
Detroit is by far the largest city in submitting municipal bankruptcy, because it is not know the circumstances of the time. It may take years to resolve.
Yuan will happen?
Bankruptcy judge will be appointed to oversee the case. The city will use its list of creditors and how much they owe to come forward. This is not included in the initial filing Chapter 9. It will also prove that it can not pay its bills. Orr said that before the city is not going to pay its debts.
Judges may also remain in the city's lawsuit. Bankruptcy may change, which is in accordance with national laws protect pensions and retiree benefits.
What will the judge do?
If you approve the application for bankruptcy protection, urban realizable assets to meet the payment requirements. The city will present a restructuring plan. Extensive plan may include the sale of assets, layoffs, union contracts and any changes. By then, the city will need the support of creditors to emerge from bankruptcy.
 



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