Well gang, it's official. The City of Detroit has just filed for Chapter 9 bankruptcy protection.
Detroit files for Chapter 9 bankruptcy amid staggering debts | Detroit Free Press | freep.com
Detroit files for bankruptcy | The Detroit News
I think all of us (referring to Detroiters and those closely following this whole affair) knew this was coming. Kevyn Orr has been diligently setting up the dominoes so that if push came to shove, he could push the first domino and everything else would fall neatly behind it. Obviously the negotiations with creditors were failing, so it was bound to happen.
But yeah, this is the largest municipal bankruptcy in U.S. history. Obviously many people, including me, now have to brace for impact and hope the ride's not too bumpy.