INTRODUCTION
How could a city that was once vital to the success of our nation become bankrupt? After being the mecca of industry during World War II, Detroit slipped into a landslide decline that it could not overcome. As it stands today, there is little promise for a city that has no money to begin any sort of rebuild. The declaration of bankruptcy was crippling and has left Detroit in an economic hole with no easy exit.
Declaring bankruptcy is often misunderstood as many people do not fully comprehend the entire process. It is common knowledge that announcing bankruptcy is an admission of debt but the actions taken after declaring bankruptcy are not as commonly known. The city of Detroit made the conscious choice to announce their bankruptcy and then begin to rebuild their city. This page will examine the financial history of Detroit from their brightest periods of financial rise to their financial ruin and their current state of a hopeful financial rebirth.
Declaring bankruptcy is often misunderstood as many people do not fully comprehend the entire process. It is common knowledge that announcing bankruptcy is an admission of debt but the actions taken after declaring bankruptcy are not as commonly known. The city of Detroit made the conscious choice to announce their bankruptcy and then begin to rebuild their city. This page will examine the financial history of Detroit from their brightest periods of financial rise to their financial ruin and their current state of a hopeful financial rebirth.