Maybe we can give them to Canada.
The bankruptcy, if approved by a federal judge, would force Detroit's thousands of creditors into negotiations with the city's Emergency Manager Kevyn Orr to resolve an estimated $18.5 billion in debt that has crippled Michigan's largest city.
The future of retiree pension and health benefits for thousands of city workers hangs in the balance.
Anticipating the filing, investors drove prices of Detroit bonds and notes lower, sending their yields to record highs on Thursday.
In a letter accompanying the filing, Michigan Governor Rick Snyder said he had approved a request from Orr to file for Chapter 9 bankruptcy protection noting, "Detroit simply cannot raise enough revenue to meet its current obligations, and that is a situation that is only projected to get worse absent a bankruptcy filing."
Speaking on Channel 4 Detroit after the announcement, Snyder, a Republican, said, "Let's stop the decline. Let's get to stability. Let's get things working in the right direction."
Snyder named Orr in March to tackle the city's spiraling long-term debt, which is estimated at $18.5 billion.