On Thursday, the city of Detroit filed for bankruptcy protection after being saddled with debts totaling more than $18.5 billion.
That makes Detroit the largest city in the United States ever to file for bankruptcy — the previous record was held by Stockton, California, which was half the size and owed $26 million. The previous debt record, meanwhile, went to Jefferson County, Alabama, which owed $4 billion when it filed for bankruptcy in 2011.
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