Brooklyn, Ill. Files for Bankruptcy
Brooklyn, Ill. – The Metro-East town of Brooklyn has filed for bankruptcy. The state says the town of 700 people is $678,000 in debt.
The village makes most of its money from adult businesses, but many of them were shut down after recent federal prostitution stings.
Court documents show that it owes at least 120 creditors, but has no more than $100,000 in assets.
The mayor says the move will not prevent Brooklyn from providing services. And an up-to-date accounting of what is owed to creditors is due in two weeks.