Detroit goes bankrupt declares Chapter 9

Detroit made history on Thursday by becoming the biggest municipality in U.S. history to file for bankruptcy protection under Chapter 9 of the U.S. Bankruptcy Code.

The Motor City used to be the country's fourth-largest city in the country during the 1950s with almost 2 million residents, but the numbers have tumbled down to around 700,000 as residents exit en masse due to rising crime and deteriorating basic services.

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