Detroit Allowed To File For Bankruptcy
This represents the largest bankruptcy filing in the history of the United States.
The city now has protection from its creditors and will submit a plan to restructure its $18 billion in debt, according to a new report from the BBC.
A judge said that the city had made a good faith effort to pay creditors, but was unable because of the vast extent of the debt. The ruling will also protect the pension pay out of the elderly.
The report also said that roughly 40% of Detroit’s streetlights don’t work and there are about 150,000 vacant lots and buildings in the city.
Right now, the city’s population is about 700,000, a dramatic decline from the 1950 peak of 1.8 million.
Detroit still offers a vibrant music scene that touts a number of notable Hip-Hop acts.