In a surprise move today, the city's state appointed emergency manager, Kevyn Orr asked for permission to put the city under Chapter 9 protection this afternoon in court. Currently, Detroit is $18.5 billion dollars in dept. Currently, the Governor of Michigan has to sign off on the bankruptcy since it is the largest municipal bankruptcy in U.S. history.
Details are still forthcoming so we will be posting updates as we find them.
Source: Detroit News.