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Detroit Files For Bankruptcy!

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detroit michigan files bankruptcy

So terrible.

Detroit filed for bankruptcy on Thursday under Chapter 9 protection, following a budget deficit of over $380 million.

The Motor City has had major financial troubles over the last few years, due to several reasons, including a large population decrease — but hope still remained when the state brought in bankruptcy expert Kevin Orr.

Though Kevin tried to propose and implement a plan to restructure Detroit’s current system, his difficulties in doing so, coupled with the city’s inherent problems led to the state-appointed emergency manager’s file for bankruptcy.

Michigan Governor Rick Snyder wrote:

"Despite Mr. Orr's best efforts, he has been unable to reach a restructuring plan with the city's creditors… I therefore agree that the only feasible path to a stable and solid Detroit is to file for bankruptcy protection."

We hope the city finds a way to recover quickly!

[Image via Getty Images.]

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9 comments to “Detroit Files For Bankruptcy!”

  1. Tara says – reply to this


    1

    Another Democratic success!



  2. 2

    It's up to Les Gold to bail these guys out………..

  3. fid says – reply to this


    3

    Re: Tara – Ah yes blame one political party since another was in office prior to for 8 years, makes logical sense. Also lets dismiss the fact that Detroits economy came from one thing, the automotive industry, which has been declining due to a variety of reasons. Or lets blame GM for moving their manufacturing plants to Mexico, rather than keeping Americans employed and continuing to tout the fact that they are an "American brand" when they clearly are not. Sorry you guys have problems and it's not going to be solved by the Replicans calling the Democrats names and vice versa. Stop trying to pass the buck to the other side and work together to solve it.

  4. richsp says – reply to this


    4

    Guess you dont remember Obuma on his campaign tour said HE wouldn't let Detroit go into bankrupt. Mitt said let it!! it would Clean the Unions!!! Your President has given Billions back into the union for his win and still its a lost cause.. Imagine that!!

    Re: fid – Your truly a dumb ass! The unions are is what has killed off these jobs!! Wake up! Look at Twinky!

    Look at Boeing in SC, the PRESIDENT tried to stop them because they were NOT union. Wake up jackass on blaming everybody else for this failed party!!

    Since Trevor trial 1500 blacks have died in Black on Black deaths!!! BAM!! Did you know that??????

  5. richsp says – reply to this


    5

    Re: richsp – Sorry the # is 11,100 have 513 days since we first heard of Zimmerman to the Verdict!!!

    Where is the Press, Where the President????



  6. 6

    Motor City: A Microcosm where America is headed with people like Barack Obama in office. The last 50 yrs Detroit has had Democratic mayors. What a weird coincidence huh.



  7. 7

    No shock. Detroit has needed help for ages. ;(

  8. Matt US Fast Track says – reply to this


    8

    Hey Check out our view on Detroit filing for bankruptcy.



  9. 9

    LMAO yes! Les Gold will restore Detroit to its former glory!