The architect of Detroit's bankruptcy filing admits it was a miserable process. But 10 years on, Detroit’s former emergency manager, Kevyn Orr, maintains the restructuring of the Motor City is among his most important accomplishments. On July 18, 2013, Detroit became the largest city in the U.S. to file for bankruptcy. Detroit exited bankruptcy in December 2014 after about $7 billion in debt was restructured or wiped out. The city now boasts consistently balanced budgets and improved services, and about 24,000 vacant and abandoned houses have been demolished. Orr says the process was "the most personally satisfying because it was for people as opposed to corporations or businesses.”
