The fiscal realities confronting Detroit have been ignored for too long. 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. This is a difficult step, but the only viable option to address a problem that has been six decades in the making.

The simple fact is Detroit is in a financial crisis. The city is insolvent and has been borrowing money to pay its bills for nearly a decade. Bankruptcy is the only feasible option to fix the city’s finances and do what is right for the 700,000 people of Detroit.

Fixing the city’s finances will allow for investments in key areas that will improve the quality of life for Detroiters and encourage growth and investment in the city.

We want to create an environment that attracts more families, young professionals and job providers to Detroit. That will be a win for Detroit and a win for Michigan. Michigan is the comeback state and we need our state’s largest city to be healthy and strong to keep the comeback going strong.