Report: City Of Detroit May File For Bankruptcy Tomorrow

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The city of Detroit may file for federal bankruptcy as soon as Friday morning, according to a report in the Detroit Free Press.

Citing “several sources,” the Free Press reported that the beleaguered city is currently in the final preparations of the process. After the filing is complete, there will be a 30 to 90 day period during which it will be determined whether the city is eligible for Chapter 9 protection.

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