ever to go bankrupt. The filing begins a 30 to 90 day period in which it will
be determined if Detroit is elegible to file for Chapter 9 bankruptcy protection.
Some states require specific statues before cities can go into bankruptcy.
Its long-term debt is estimated to be as high as $20 billion. The city is faced
with the issue of how it will manage to pay its first responders. The city's
pensions are also to be reviewed. And, of course, it will have to be decided
how the city's creditors will be paid.
Detroit's economic problems are attrributed to its past and present leaders.
Is anyone familiar with Detroit? Did it seem like a city on its way to financial