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.
Like The Buzz 1230 on Facebook to stay updated with the latest news and original content!
- Poll Worker Sentenced for Illegal Voting
- Cincy Interim Police Chief Tries to Stay On Permanently
- Is Rollingstone Magazine Glamorizing Terrorism Or Is It Just Journalism?
- Dead Baby Laid On Chapel Altar Comes Back To Life
- Twitter User Who Helped Stop Juror B37′s Book Deal Speaks To NewsOne
- Artist’s Image Of Dr. King Jr. In Hoodie Goes Viral
- Petition Urging Prosecution Of George Zimmerman Needs More Signatures