• Detroit Files For Chapter 9 Bankruptcy

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    Kevyn Orr, Dave BingSource: @itsyagirlAC

    The city of Detroit has filed for Chapter 9 bankruptcy.

    Sources say Detroit could go into bankruptcy as early as Friday.

    Governor Rick Snyder approved Detroit Emergency Manager Kevyn Orr request on Tuesday July 16.

    More from WXYZ, Detroit’s deficit is $18 billion dollars, $11 billion is unsecured including the pensions and retiree health care for 30,000 Detroit City employees.

    Orr is a bankruptcy attorney who resigned from The Jones Day Law Firm in March to become Emergency Manager. Governor Rick Snyder has said he does not like the bankruptcy option but it is a tool on the table to get Detroit back on track.

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