The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, making it the largest municipal bankruptcy case in U.S. history..

The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, making it the largest municipal bankruptcy case in U.S. history.
The 16-page petition outlines several factors contributing to the city's financial woes, including a long-dwindling tax base, population flight, financial mismanagement and overall decay of a city that once had more than 2 million residents and was the world's hub of auto manufacturing.
"The fiscal realities confronting Detroit have been ignored for too long. I'm making this tough decision so the people of Detroit will have the basic services they deserve and so we can start to put Detroit on a solid financial footing that will allow it to grow and prosper in the future," said Michigan Gov. Rick Snyder, who authorized the petition.