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Detroit

WE'RE BROKE

7/18/2013 11:30 AM PDT BY TMZ STAFF
breaking news

0718_detroit_bankrupt_composite
It just got a lot colder in the D ... 'cause the City of Detroit is so broke, it just filed for bankruptcy.

A State-appointed emergency manager filed for Chapter 9 bankruptcy protection today, making Detroit the largest municipality ever to file for bankruptcy in U.S. history.

Just to show how bad things got in the Detroit area ... just look at the famous Silverdome, where the Detroit Lions played football until 2002.  The stadium cost $55.7 million to build back in 1975 ... but sold for just $583,000 in 2009. 

There are too many reasons to list for Detroit's financial woes -- but among the top ... massive population decline and a dwindling tax base. From 2000-2010, Detroit lost a quarter million residents.

If the filing is approved, it would allow Detroit to restructure its debts in order to satisfy endless creditors and city pensioners ... as unlikely as that may be.

163 COMMENTS

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1.

queen love    

Tsk, tsk, tsk...it's hard out there for a pimp, tryin' to pay the rent.

427 days ago
2.

The Executives Wife    

Not shocking.

427 days ago
3.

baby    

cause of the crooked governor and mayor there... sad!

427 days ago
4.

eicarr     

HA!!! Perfect. Whenever I hear Detroit in the news I think of that music video.

427 days ago
5.

Elsa    

Some people create cities, others destroy them...

427 days ago
6.

dontcare    

Except that the Silverdome isn't even in Detroit, let alone the same county. Try Pontiac.. totally different city and county.

427 days ago
7.

BECKER    

What would you expect from a bunch of crooked politicians they have the $$ that they stole hidden away and don't care about the citizens struggling to make a living,

427 days ago
8.

Scott    

Kinda funny how many moons ago the Canadian dollar was 65 cents and Americans joked they would buy us and rename each province as a state.

Peace.

427 days ago
9.

Holly    

It's simple poverty and a refusal to get a job. If nobody has a job, nobody pays taxes, and if nobody pays taxes, the city goes bankrupt.

427 days ago
10.

whtzin    

did they think a show like HARDCORE PAWN would bring visitors??? it def made me stay away...who wants to go to a town that is so happy to let the world see how their residents act like immature children...talk about giving the race a bad name

427 days ago
11.

Kate    

Maybe Detroit needs to look at why people are leaving. Perhaps the bloated city pensions & entitlement spending have made the tax rate intolerable to people who actually have to pay them.

427 days ago
12.

q    

There's no excuse for a city like Detroit to be in that situation. It's all politics.

427 days ago
13.

alexy    

Um. . .the Pontiac Silverdome is NOT in Detroit. It's in Pontiac. Feel free to mention the Kilpatrick Mayoral, City Council, & Pension Board scandals though. . .

427 days ago
14.

Bill03948    

First of many cities... Soon the country and the $17 Trillion debt.. This does not even include the $3 TRILLION a YEAR that will soon be added to the debt as $150 TRILLION over the next 50 years was not allocated in the budget for the baby boomers Social Security retirement.. 30 years after the collapse of the Soviet Union, the second superpower collapses the same way. With massive debt.

427 days ago
15.

Bird    

Of course the Detroit population is dwindling. The blacks took over a long time ago and turned the place into a cesspool. You can't even walk down the street there without worrying about being robbed or killed. No halfway decent person would set foot in that hell hole. They might as well tear the whole place down and call it a day. Oh, and yes, I'm speaking from experience. I was born and raised in Detroit and got the hell out of there as soon as I was able.

427 days ago
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