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Stockton, CA became the most recent, and largest, municipality to file for bankruptcy in an effort to restructure its debt. The municipal bankruptcies of both Stockton and San Bernardino, California will likely offer guidance to Detroit’s emergency manager Kevyn Orr as he seeks to restructure Detroit’s debt. To avoid a costly chapter 9 bankruptcy filing in Detroit, Orr must negotiate with creditors, bondholders and retirees to help reduce long-term debt and offer a promising long-term solution.  For more information, please click here.