Yesterday Detroit declared bankruptcy. It's the biggest American city ever to do so, and as I thought about that I realized I didn't really know what that actually meant for the city. Was the US Landlord General going to kick everyone out and change the locks? So I decided to see exactly what happens to a bankrupt city.
Chapter 9 bankruptcy is actually not all that complicated, at least in the fundamentals. It is, however, pretty dry, so I decided to spice it up a bit by putting it in fun infographic format, suitable for framing or hiding a long, narrow urine stain on your hardwood floor.
So, here's what's likely to happen to America's automotive heart in the immediate future, and it doesn't look like a hell of a lot of fun. But, it is the first step Detroit has to take to get on its feet, so good luck, Motor City. I'll give you a buzz when all the crap blows over.
Enjoy!
(Sources: USCourts.gov, NPR, Wikipedia)
What Exactly Happens Now That Detroit Is Bankrupt?