Could Detroit Happen Here?

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Stoel Rives bankruptcy attorney Oren Haker explains in an Op-Ed column in The Sunday Oregonian how federal bankruptcy law can offer cash-crunched and heavily indebted cities and counties a fresh start. Haker points out that a Chapter 9 bankruptcy filing, such as Detroit's, gives municipalities advantages similar to those available to private business, regarding contracts, bond debt and pension obligations.
However, to gain access to that federal remedy, state legislators must vote to allow it as an option for municipalities in their state. Haker writes that, in light of the post-2008 recession debts facing various municipalities, Oregon lawmakers should make that option available.

Read the full Op-Ed Guest Opinion column on The Oregonian website.

"Could Detroit Happen Here? Guest Opinion" was published in The Sunday Oregonian, August 4, 2013.

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