A review of Detroit’s finances reveals a city that is in serious financial trouble.  The report opens the door to a deeper review of the city’s financial health that could possible lead to leaders declaring a fiscal emergency.  There is currently legislation before the Michigan Legislature that would give Detroit the option of filing for bankruptcy under Chapter 9.  If this was to occur, it would be the biggest municipal bankruptcy filing in U. S. history.

For more details read, “Detroit has “serious financial problem”: Michigan treasurer.”