I remember hearing that, many years ago, Detroit went bankrupt. Well, how’s it doing now? Has it recovered okay?

  • AskewLord@piefed.social
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    2 days ago

    bankruptcy isn’t a bad thing from which you never recover or improve.

    it’s a financial instrument that allows an entity to restructure it’s debt obligations, usually to make them go from being impossible to meet to possible to meet. it’s a temporary legal state and it doesn’t last for very long, typically a few years at most.