The city of Detroit files for bankruptcy protection
After years of financial strain, the entire city of Detroit has filed for bankruptcy protection. According to federal court documents, the city of Detroit filed for Chapter 9 bankruptcy protection today, Thursday July, 18, 2013. Governor Rick Snyder and Kevyn D. Orr, the emergency manager who was appointed by Snyder to resolve Detroit’s financial problems, are estimating the debt to be between $18 and $20 billion.
While Detroit may be the largest city in U.S. history to file for bankruptcy it is not the first. At least 60 others have filed including Stockton, California which filed for bankruptcy in 2012 and at the time was the nation’s most populous city to do so.
-danielle canada
