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Detroit files for largest municipal bankruptcy in US history

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Detroit files for largest municipal bankruptcy in US history

Detroit filed for the largest municipal bankruptcy in U.S. history Thursday after steep population and tax base declines sent it tumbling toward insolvency.

The filing by a state-appointed emergency manager means that if the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.

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A number of factors — most notably steep population and tax base falls — have been blamed on Detroit’s descent toward insolvency.

Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.

Read more and see news story video at:

http://www.foxnews.com/politics/2013/07/18/detroit-files-for-largest-municipal-bankruptcy-in-us-history/#ixzz2ZR5jAMCq

Published July 18, 2013       FoxNews.com

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