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Detroit files for bankruptcy

Posted By -NO AUTHOR- On 07/18/2013 @ 6:04 pm In Money,Politics,U.S. | No Comments

(Detroit News) The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.

The 16-page petition was filed in U.S. Bankruptcy Court in Detroit.

Gov. Rick Snyder’s office was making plans this afternoon to hold a Friday morning news conference at the Maccabees Building, 5057 Woodward in Midtown, according to a source. It’s the same location where the governor declared a financial emergency for Detroit on March 1.

Under state law, Snyder is required to approve a Chapter 9 filing.

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