The big question is why didn't the state or the federal government step in to help bail-out the city. The problem with a bankruptcy is that institutions that belong to the city, even artwork and items within it's museums are now open to sale.
Since the late 60's Detroit has been in decline, however in more recent history it had begun rebuilding. The problem is that Michigan experienced the economic depression long before the rest of the country did. So when the housing bubble burst, and the economy dropped, Michigan felt the affects even worse.
Add to that, years and years of corruption in the city government and people looking out for themselves more so than their constituency, and you have a city that was bound to decline.
The city will rebound. The reason for bankruptcy is the fact that it has so much pension debt and so little tax revenue due to people leaving the city for economic reasons. With real estate values incredibly low in Detroit, and I'm guessing unemployment high, you'll see lots of businesses returning.
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