Detroit becomes the largest city in U.S. history to file for bankruptcy.
Yesterday, state-appointed emergency manager, Kevyn Orr, filed for protection under chapter 9, which puts a temporary stop on city creditors and unions trying to collect their money. The city is estimated to be in a 18 to 20-billion-dollar debt. In the past months, Detroit has been using state-backed bond money to pay its 10,000 employees. Orr and Governor Snyder both believe this was the only reasonable path and this could be the chance to give Detroit and its 700,000 citizens a fresh start.