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Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
On July 18, 2013, the restructuring expert did just that, making Detroit the largest city in the U.S. to file for bankruptcy. “Bankruptcy is a miserable process," Orr, 65, told The Associated ...
Detroit (/ d ɪ ˈ t r ɔɪ t / ⓘ dih-TROYT, locally also / ˈ d iː t r ɔɪ t / DEE-troyt) [8] is the most populous city in the U.S. state of Michigan. It is the largest U.S. city on the Canadian border and the county seat of Wayne County. Detroit had a population of 639,111 at the 2020 census, [9] making it the 26th-most populous city in ...
On October 16, 2008, Bing announced that he would be a candidate for mayor of Detroit in the 2009 Detroit mayoral special election to finish the term of Kwame Kilpatrick, who had resigned as part of a plea bargain agreement after being charged with the crime of perjury. Bing finished first in a 15 candidate non-partisan primary on February 24 ...
By the time Detroit declared bankruptcy at 4:06 p.m. on July 18, 2013, Detroit had accumulated $18 billion in debt and city retirees' pension funds were underfunded by $3.5 billion. The number of ...
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Detroit became notorious for violent crime in the 1970s and 1980s. Dozens of violent black street gangs gained control of the city's large drug trade, which began with the heroin epidemic of the 1970s and grew into the larger crack cocaine epidemic of the 1980s and early 1990s. Numerous major criminal gangs were founded in Detroit, dominating ...
When Detroit became the largest municipality to go bankrupt in 2013, it had fallen hard from its glory days of the early to mid 20th century, when Henry Ford’s arrival and creation of the first ...