bankrupt

#877 What happened to Detroit?

What happened to Detroit? Detroit declared bankruptcy in 2013, with debts of $18 billion. Detroit was the fourth largest city in the United States at one point and so large that nobody could ever have imagined that it would fail. Indigenous people have lived in the area for thousands of years and the first Europeans […]

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#226 When did bankruptcy laws start?

      I learned this today. Different countries have different laws, but the first bankruptcy laws were created in 1542 in England.      The word “bankruptcy” comes from the Italian banca rotta, which means “broken bench”. The story is that bankers used to do their business over a bench. If a banker defaulted on a loan

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