Detroit Becomes Largest U.S. City to File for Bankruptcy

Detroit, saddled with more than $18 billion in debt, became the biggest U.S. city in history to file for bankruptcy.

Once a symbol of America's industrial might and more recently an example of urban decay, crime and hopelessness, the home to the nation's automobile industry took the step after months of negotiations with creditors failed.

"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 Gov. Rick Snyder.