"Once the very symbol of American industrial might, Detroit became the biggest U.S. city to file for
bankruptcy Thursday, its finances ravaged and its neighborhoods hollowed out by a long, slow decline in population and auto manufacturing.
"The filing, which had been feared for months, put the city on an uncertain course that could mean laying off municipal employees, selling off assets, raising fees and scaling back basic services such as trash collection and snow plowing, which have already been slashed.
Click here to read the entire article: "Detroit Bankrupt: Kevyn Orr Asks Federal Judge The Place City Under Chapter 9 Bankruptcy Protection"