How do you know you’re wealthy?
You probably don’t consider selling off your belongings to pay back a debt. You also aren’t likely to ask a bankruptcy lawyer for advise.
Unfortunately, that’s exactly the position the city of Detroit finds itself in these days. Last week, emergency manager Kevin Orr asked for an appraisal of some of the city’s best artwork. As he struggles to pay down the city’s $15 billion debt, selling could be an option he considers.
But how much are the city’s financial woes actually affecting its residents?
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