Detroit will be better thanks to bankruptcy. that is the opinion of financial guru and billionaire Warren Buffet. Buffet was in Detroit on Thursday and gave a speech that touted the turn around that will be taking place in Detroit, all because of the choice to file bankruptcy. Detroit’s fall has been well documented. Detroit is one of America’s great cities built on the automotive industry, but as the economy has hit working families all over the country, Detroit has also suffered greatly. Detroit has 139 acres of blighted or abandoned land. Detroit lost much industry, and ran up financial obligations that it could not meet. Detroit, like many individuals, made the decision to seek bankruptcy relief. Buffet believes once Detroit emerges from bankruptcy, it will regain its place as a great city, with a clean slate and no longer saddled with debt to creditors it had no way of paying. Buffet went on to state that Detroit will follow in the footsteps of New York City and General Motors, both of which filed bankruptcy, and came out leaner and stronger. Buffet went on to state within the next 5 to 10 years, Detroit will employ many more people than are employed in Detroit right now. Many individual can look at Detroit as a great example of the relief and fresh start that bankruptcy can provide. There are times when the financial situation needs to be repaired, and many times the only reasonable way to get back on your feet is by using bankruptcy in the way it was intended, to give someone in desperate financial straights a fresh start. Just as Detroit will emerge from bankruptcy better and stronger than ever, if you are suffering under the weight of debt that is overwhelming, consult with a knowledgeable bankruptcy lawyer and discuss your legal options. Just like Detroit, your fresh start can be just right around the corner.
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