In a recent Times Leader article on Luzerne County’s mounting financial woes, Bernstein-Burkley, P.C. co-managing partner, Kirk B. Burkley, discussed what municipal bankruptcies could mean for cash-strapped local governments. Burkley focused on how the future success of Detroit could have a significant influence on other municipalities considering bankruptcy.
Kirk B. Burkley, an attorney with Pittsburgh-based Bernstein-Burkley, P.C., which specializes in bankruptcies and restructuring, believes more cash-strapped local governments will consider bankruptcy if Detroit bounces back as he expects. The city shed billions of dollars in debt and is now on “solid financial footing” for the first time in decades, he said.