Detroit Bankruptcy: City Files For Chapter 9
“Detroit bankruptcy” has gone from a nightmare to a reality.
The city filed for bankruptcy Thursday (July 18), becoming the largest public sector to file for chapter nine in the nation. The city has been in the depths of financial crisis for years, but it has finally come to a head.
The Detroit bankruptcy may be the rock bottom for a city that has become the model for urban decay in America following the collapse of the auto industry and the recession.
Many experts say the Detroit bankruptcy was inevitable, given the financial strain the city has been under in recent years, but what does this mean for the future of the Motor City?
Learn more about the Detroit bankruptcy in the video below.