What does it mean that Detroit 'went bankrupt'?

What happens when a city declares bankruptcy?

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  • 8 years ago
    Favorite Answer

    Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

    Detroit had a population of over one million people in the early 50's and now has just 700,000. It also owes its creditors $18 billion. The problems stemmed from two entities: corrupt politicians and misguided unions.

  • 8 years ago

    They are broke. No money. Can't pay their bills or city employees. Need help. Want help. Shouldn't get help because they mismanaged their finances.

    The government of the city of Detroit is about as corrupt as they come. Lots of crooks. Lots of stealing money from the city piggy bank.

    With no money, there is no police dept., fire department, library, etc. and so on. No more money to steal.

    Nice place to live, right??

  • Anonymous
    8 years ago

    Sounds like it has run out of money and is in debt. Google Detroit and read what happened to this once great motor city.

  • Mr E
    Lv 5
    8 years ago

    You have the explanation,definition elsewhere on this page.

    Ask rather,when the demographic of Chicago,becomes the demographic of the USA,who will bail the Whole Country out ?

    Blacks and Hispanics ?

    LOL.

    Yeah right !

    The muslims ?

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  • Anonymous
    8 years ago

    It means that the city ran out of money.

  • 8 years ago

    50 years of democrat policies = Detroit

  • Anonymous
    8 years ago

    It means that all its residents care more about smoking "dagga," felaciating, and eating hotdogs more than praying to Christ or reading the Bible.

    Source(s): Book of Revelation, End Times
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