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BROKE CITY: Detroit Files for Bankruptcy; Largest Municipal Filing in U.S History

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July 18, 2013 AT 4:53 PM
The city of Detroit filed for bankruptcy. This would be the largest Chapter 9 municipal bankruptcy in US history. The bankruptcy petition reportedly lists more than $1 billion in assets and has more than 100,000 creditors. Michigan governor Rick Snyder says he authorizes "this necessary step as a last resort to return (detroit) to financial and civic health..."