Economy
Read the City of Detroit's Full Bankruptcy Filing
The city filed for Chapter 9 protection Thursday, the largest U.S. municipality ever to do so.
It's official: Detroit just became the biggest city to file for bankruptcy in U.S. history.
Emergency manager Kevyn Orr filed for Chapter 9 bankruptcy protection this afternoon, according to the Associated Press. Most recent estimates suggest the municipal government owes at least $18.5 billion. Governor Rick Snyder signed off on the filing, as required, in a letter attached to court documents filed today in U.S. Bankruptcy Court in the Eastern District of Michigan. The city will now embark on a multi-month process in which the court will determine how the city's limited coffers might be divided up among its creditors.