Traverse City Record-Eagle

Archive

Detroit Bankruptcy

In a photo from Monday, Dec. 2, 2013, an empty field in Brush Park, north of Detroit's downtown is shown with an abandoned home. Detroit, which on Thursday, July 18, 2013, filed the largest municipal bankruptcy case in American history, owes as much as $20 billion to banks, bondholders and pension funds. The city can get rid of its gargantuan debt, but a bankruptcy judge can't bring back residents or raise its dwindling revenue. (AP Photo/Carlos Osorio, File)