Detroit files for Chapter 9 bankruptcy

Detroit filed a Chapter 9 bankruptcy case this week and became the largest municipal bankruptcy case ever filed in the United States. The filing comes after years of struggling under billions of dollars in debt and poor management. Emergency Manager Kevyn Orr has been trying to restructure the city’s debt but has also been warning of a possible bankruptcy. If the court approves the bankruptcy, it would allow city assets to be sold in order to generate money to pay the city’s massive debt.

For more details about Detroit’s bankruptcy read, “Detroit files for bankruptcy protection.”

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