Detroit has claimed bankruptcy in what is said to be the largest municipal filing in U.S. history.
Federal Judge Steven Rhodes is expected to rule on Tuesday whether Detroit's Chapter 9 bankruptcy filing can proceed. The decision is likely to affect pensions, city services and healthcare.
Detroit, or Motown as it is popularly known, must significantly reduce its $18 billion debt and long term liabilities to counter pervasive blight and violent crime.
Last month, court proceedings over Detroit’s plan to seek a $350 million bankruptcy loan were adjourned for Tuesday this week. Several creditors tried to convince Judge Rhodes to reject the plan, in which Detroit was to ‘terminate a troubled interest rate swap agreement with two big banks and pay them a $230 million fee from the proposed $350 million loan from the investment bank Barclays.’
If the judge accepts Detroit’s bankruptcy plea, it public pensions would take a hit and the city’s extraordinary art collection would be up for auction.
According to Michael Sweet, a bankruptcy expert, "Eligibility means working down a specific checklist and making sure the city has done what it needed to do to be in court. If the city gets its ticket punched, its game on."
However, if Motown isn't declared eligible for bankruptcy, it would probably mean city officials would have to sit down with creditors, again, and attempt to reach an agreement outside court.
What one would expect the least in an instance like this is making light of it. But even this dire situation has given rise to a hoard of memes.
Despite the gravity of the situation, there are some who see the lighter side. Here are some of the memes that have popped up over the internet.