<span style="line-height: 20.8px;">On July 18, 2013, Detroit declared&nbsp;</span><a href="http://www.investopedia.com/terms/c/chapter9.asp" style="line-height: 20.8px;">Chapter 9 bankruptcy</a><span style="line-height: 20.8px;">,</span><span style="line-height: 20.8px;">&nbsp;</span><span style="line-height: 20.8px;">which allows protection for municipalities from creditors. Detroit became the largest city ever&nbsp;</span><a href="http://www.usatoday.com/story/news/nation/2013/12/03/detroit-bankruptcy-eligibility/3849833/" style="line-height: 20.8px;" target="_blank">to declare bankruptcy</a><span style="line-height: 20.8px;">. What was once the proud home of a bustling auto industry and an iconic music studio was now mired in $18 billion of debt. Rising crime and pension cuts left few residents unaffected by the fallout of the city&rsquo;s decision.</span>