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Why bankruptcy reduces one’s options

The city of Detroit, Michigan has filed for bankruptcy. Thus it needs to come up with a bankruptcy plan on how it intends to pay off its current debt. As a result, in a part of its bankruptcy plan it is thinking about selling its assets as reported by the L.A. Times in an October 17, 2013 news article.

Currently, it is thinking about selling the art works that it possesses at the Detroit Institute of Arts. Last week there was an  appraiser from the famous Christie’s who went to the museum , and it is unclear whether he or she went there specifically to appraise certain items or if he or she went there to observe the current wall paintings. The residents of the city of Detroit are trying to stay positive that their art will remain with them, rather than being sold off to help Detroit pay off its creditors. Currently Detroit has a debt that is over $18 billion, and it is trying its best to reduce it.

Also, if these famous paintings are sold, for instance like those by Van Gogh, then this would hurt Detroit from being a tourist attraction site, as many people go there to view the art work. In addition, the people of Detroit enjoy the art work and want it to stay there. If Detroit decides to actually sell the art works, then this is something that the Art Institute would have to agree to as they have a contract with the museum for certain paintings.

If you are considering filing for bankruptcy, then it would be wise to consult with a qualified lawyer. Attorney Jayson Lutzky has 30 years of experience practicing law in New York. He offers free in person initial consultations and can help you determine what action is best for you. Call 718-329-9500 or visit www.MyNewYorkCityLawyer.com for more information.

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