Detroit is going bankrupt. It's common to hear of people or businesses going bankrupt, but whole cities?

On Thursday, the city of Detroit filed an $18.5 billion bankruptcy in federal court, making it the largest bankruptcy in the nation's history.

Once known as the "Paris of the West," Detroit had been struggling for some time now. back in the 1950's, the city boasted a population of almost 2 million. Back in the Mo'Town era, Detroit housed many thriving motor vehicle plants and its citizens enjoyed the highest per-capita income in the US.

But now, the city has become famous for its high rate of violent crime-- a real-world Gotham.

The population has dwindled down to a mere 700,000. Tax dollars have disappeared as residents flee the city. In the wake of the most recent Great Recession, Detroit's real estate took a huge hit, leaving many abandoned ghost streets, lined with boarded-up houses and overgrown lawns.

Cities file for bankruptcy under Chapter 9 of the Bankruptcy Code. A municipal bankruptcy is a court proceeding that allows the city to shed its debt while reorganizing its financial obligations.


Also Read: Detroit's Comeback Story Proved Too Good To Be True (NPR)

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