Detroit had no other option but to file for Chapter 9 bankruptcy.  The city has been deteriorating and accruing debt for years.  The increasing crime rate and dire economic conditions have resulted in a mass exodus of nearly two hundred fifty thousand people from 2000 through 2010.  The city government has been involved in a series of scandals and corruption.  Filing for bankruptcy will help Detroit settle its nearly $15 billion dollars of debt as creditors will be lucky to get pennies on the dollar.  The city has taken a major step toward restructuring its finances and hopefully will be able to get on a more solid footing to enable growth and a better future for its residents.  I hope this once great city will be able to come back stronger after its reorganization.