The city of Detroit filed for Bankruptcy. It is the largest city in the U.S. to ever file for Bankruptcy. This filing though just is not the end, it is the beginning of legal fights.
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.
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A bankruptcy cited by Reuters says that he estimates that the process will last from one to three years and will be very costly.
It looks like the emotional Eminem Chrysler Super Bowl ad in 2011 did not translate in an economic recovery for Detroit. It is still though one of the greatest ads for Detroit. Watch below.
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