Detroit goes bankrupt

The Associated Press is reporting that the city of Detroit has filed the largest municipal bankruptcy in U.S. history. Here's the tweet, here's the AP Twitter account, and here's the story.

None of this is a surprise, as the city, barely two hours to the west of my burg, has been teetering on the edge of fiscal ruin for months. And this after decades of one of the most heart-wrenching urban declines ever experienced by any city of any size. It is so tragic on so many levels that it's difficult to find the right words to describe what it feels like to witness such a thing.

I've spent enough time in the city, both for work as well as with my family. And every time we leave, we remind ourselves why we're so thankful to live where we live, where the very core of our community isn't at risk of crumbling into the very earth from which it came.

I understand what happens when a company goes bankrupt. And what happens when an individual files a similar declaration. I guess we're all about to learn what it's like when an entire city throws its hands up and says it can't fix the disease that's been eating away at it for longer than most of us have been alive.

May this be the inflection point the city of Detroit - and more importantly, its population - needs to turn the corner and find a better tomorrow.

Your turn: So...what comes next? Will it work?

We'll add details/links below as they become available. Feel free to share links/resources in comments.

• Reuters
• CNBC
• CNNMoney
• New York Times
• Wall Street Journal
• Business Insider

Opinion/Fallout:

• Jalopnik: We love Detroit, even if you don't
• Washington Post: Here's how Detroit's bankruptcy will actually work
• Washington Post: Detroit isn’t alone. The U.S. cities that have gone bankrupt, in one map
• Washington Post: Abandoned Buildings, Broken Street Lights: The Challenge for Bankrupt Detroit
• CBC: Detroit bankruptcy follows '60 years of decline,' governor says
• Forbes: Why Business Is Cheering Detroit's Bankruptcy
• Yahoo: Is Detroit bankruptcy a warning sign for Canadian border cities?
• BuzzFeed: Can Bankrupt Detroit Save Its Art Collection From Being Sold?

Photography:

• Wired: Captivating Photos of Detroit Delve Deep to Reveal a Beautiful, Struggling City
• Yves Marchand and Romain Meffre: The Ruins of Detroit
• Zach Fein: The Abandoned City of Detroit