It’s hard to ignore the news coming out of Michigan as Detroit recently became the first major city in the United States to file for bankruptcy. Once upon a time, Detroit flourished on the shoulders of car manufacturers. However, the collapse of General Motors, over $18.5 billion dollars in outstanding liabilities, a population decrease of 1.8 million down to 700,000, and numerous other factors have left the city in it’s current financial position.
Is it possible for the state of Colorado to follow in Detroit’s footsteps and face a similar fate? According to The Pueblo Chieftain, Colorado Treasurer Walker Stapleton recently identified warning signs such as $22 billion dollars in unfunded pension obligations to public employees via the Public Employees Retirement Association. Colorado’s population also increased from 5,029,196 to 5,187,582 between 2010 to 2012. If population trends directly correlate with the financial status of a city or state, then U.S. census data suggests that Colorado is fine, at least for now.
An experienced Dripping Springs, Texas Bankruptcy Attorney can also help you determine whether you are eligible to file for bankruptcy protection and, if so, which chapter best suits your specific set of circumstances. If you are considering bankruptcy protection, it is important to get solid legal advice before moving forward, so please reach out to The Daniel Law Firm. We take great pride in serving clients all over Central Texas. Let us discuss the best strategy for moving your Bankruptcy case forward in both a positive direction and timely manner. Contact a Dripping Springs, Texas Bankruptcy Attorney at The Daniel Law Firm today at (512) 615-3569.