Detroit — fabled home of the automotive industry and Motown Music — has filed for U.S. Chapter 9 bankruptcy protection. The home of Ford, GM and Chrysler has been mismanaged for decades and is said to be sinking under millions in debt. The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities. Detroit thus becomes the largest city in U.S. history to file for bankruptcy. Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.
