Jul 19 2013, 7:48am CDT | by Luigi Lugmayr
Detroit stunned yesterday with the filing of Bankruptcy. Detroit had huge financial issue ever since the collapse of the car industry. Detroit is now the largest city in the U.S. to ever file for Bankruptcy. The filing is an effort to get back to normal situation. According to Reuters this will not be an easy path. If a federal judge approves the bankruptcy then Detroit's creditors will start to fight for their money. They will engage in negotiations with Detroit's Emergency Manager Kevyn Orr about the $18.5 billion debt.
A bankruptcy cited by Reuters says that he estimates that the process will last from one to three years and will be very costly.
Luigi Lugmayr (Google) is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
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