by Biba Adams (@BibatheDiva)
Once the nation’s 4th largest metropolis, the City of Detroit has filed for Chapter 9 bankruptcy.
The city is said to have over 18 billion dollars in debt that it can not pay due to population flight, mismanagement, and loss of tax revenue. According to The Detroit Free Press at freep.com, the filing will begin a 30 day-90 day process to discover whether it can truly declare bankruptcy officially, and to determine claimants who might be entitled to the city’s limited settlement resources.
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