Detroit becomes largest city to file for bankruptcy
Syracuse (WSYR-TV) – Detroit has become the largest city in US history to file for bankruptcy.
A state-appointed emergency manager filed for chapter nine protection on Thursday.
He was hired by the state in March in an effort to bail the city out.
Detroit's budget deficit is believed to be around $380 million with long term debt somewhere between $17 and $20 billion.
The city points to a drop in population over the last decade as part of the issue.
If the filing is approved, layoffs, higher fees and downsizing of basic services such as trash pick-up and snow plowing is expected.
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