BREAKING: Detroit Allowed To File For Bankruptcy

(AllHipHop News) A court has ruled that the embattled city of Detroit can now file for bankruptcy, a landmark decision.

This represents the largest bankruptcy filing in the history of the United States.

The city now has protection from its creditors and will submit a plan to restructure its $18 billion in debt, according to a new report from the BBC.

A judge said that the city had made a good faith effort to pay creditors, but was unable because of the vast extent of the debt. The ruling will also protect the pension pay out of the elderly.

The report also said that roughly 40% of Detroit’s streetlights don’t work and there are about 150,000 vacant lots and buildings in the city.
Right now, the city’s population is about 700,000, a dramatic decline from the 1950 peak of 1.8 million.

Detroit still offers a vibrant music scene that touts a number of notable Hip-Hop acts.

  • Reblogged this on Brittius.com.

  • Reblogged this on Conservative Free Thinkers and commented:
    Just another day in the D.

  • Thenatural503

    Detroit the only place you can get a 100k home for 2k! If you’re ever bored one day check out Zillow and search Detroit homes.

    • Tom Donahue

      Im going to buy 2 city blocks with 50k then put a candian flag on every house so I can raise the property value drastically

      CANADA > america

    • SBRon

      True! One of my long-time cohorts is Detroit born & bred…been there MANY times. I thought about investing about 7 years ago, but needed to chill on the sidelines, hoping Kwame would do some good…the jury (literally) came back on that tip!!!
      But, they were dirt cheap then, too!! In fact, it’s still an investment that could start to payoff in a few years…

    • Schooly B

      Yo, don’t know why I didn’t think of that before/ Just shot over there and contacted a few agents. I will be owning three pieces by the end of the week.

  • Papi Peligro

    This gonna sound mad crazy. But what happened to Detroit is going to happen all over the US. Automation/Robotics is going to eliminate a crap load of jobs by 2020.

    • Jayson C Williams

      I don’t think it’ll happen to every city detroit is just an example of when a city is poorly managed. Other cities like buffalo were in similar predicaments but they invested in medicine facilities, energy etc. Detroit never really switched its game up. They just stuck to the car industry.

      • Papi Peligro

        Man Detroit lost industry’s and jobs. Like parts companies etc beyond the big 3. Who just have their shells their now. Imagine

        1. How many delivery people going to get fired when Amazon using drones.

        2. How many Chinese trinket factories and shipping is going to close when McDonalds using 3D printing to make its toys.

        3. How many tech support jobs going to be gone when IBM makes Watson.

        4. How many Road construction jobs are going to be gone when they automate the construction tools.

        I mean you need to look back during slavery and see how Freed people lived. The slaves is going to be the machines and you going to have nobody to even sell your self too.

      • SBRon

        I think you’re both right!

      • Jayson C Williams

        We are both rt but you have to see the future pitfall in placing all ur eggs n one or a couple baskets. All those bullet points you made happens every 25-50 years.. That’s why planning and city economic leadership is key. I mean you’re mayor embezzled a whole lot from a city which had lil to give. That’s the type of leadership that’ll run any city into the ground. Detroit is/once was a really great city! It wasn’t ness. Chicago or Cleveland when ppl thought about what’s between ny & la.. I really hope for the best for Detroit! I’ve lived in New Orleans post and pre Katrina, and I’m from nyc. I know all about urban blight. Trust me.

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  • Thabiso Simons

    Shady must donate to hiz home town