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  • Small Quake Near Belfair

    earthqakebelfairA magnitude 3.5 earthquake shook the Belfair area shortly after 4:00 a.m. Monday. Dispatchers said there are no reports of damage so far but people in Bremerton reported feeling the quake on the U.S. Geological Survey website. People also took to… Read More +

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  • $50 Million: Cost of WA Wildfires

    helicoptercarlsonThe cost of fighting this season's wildfires in Washington, including the largest one in the state's history, has crossed the $50 million mark. Bolstered by the nearly 400-square-mile wildfire in north-central Washington, this year's wildfire season has been widespread, with dozens… Read More +

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  • Lynch's Absence Means Opportunities In Seattle

    seahawks blueThe absence of Marshawn Lynch from Seattle Seahawks training camp means opportunity for Robert Turbin and Christine Michael. Turbin and Michael were already going to get the bulk of the work during the preseason with Lynch being prepped for the grind of the regular season. But with Lynch holding out, Turbin and Michael are getting a greater opportunity to show they can handle the load.

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Lots of Pain Expected in Detroit Following Bankruptcy

b_250_0_16777215_00_images_obgrabber_2013-07_7bca242c54.jpgiStockphoto/Thinkstock(NEW YORK) -- Filing for bankruptcy means painful changes are ahead for Detroit’s residents, retirees and city workers. But Emergency Financial Manager Kevin Orr, the expert hired to stop the city’s fiscal free fall, argues “it gives us breathing room.” Bankruptcy was the only choice, says Orr. 

“We were being sued almost on a weekly basis,” he says. Detroit owes about $18 billion to 100,000 creditors.  The bankruptcy may lead to a big legal fight over who gets paid.  

Dan McNamara of Detroit’s firefighters union is vowing to fight the bankruptcy filing.

“They can’t just abandon the city and just walk in here and think they can do what they’re gonna do.  They need to talk to us,” he said.

Chapter 9 bankruptcy gives the city a lot of leeway to reject or rewrite union contracts.  Retiree pensions and health care benefits may be slashed.  Bondholders are certain to lose money.

“It’s like taking a band-aid off,” says Detroit City Council President Pro Tem Andre Spivey.  “Do you rip it off or take it off slow?”  

Financial hurt for the city’s creditors is inevitable, he says.

“There’s going to be some pain in the next few weeks or months and maybe even a year or so.  But we will get through it,” Spivey says.

Peter Henning, a law professor at Wayne State University, calls it a watershed moment that takes control of the city out of local hands.  

”Now what you’re talking about is a federal bankruptcy judge deciding who’s going to get paid and how much they are going to get paid,” he says.

The decline of Motown -- the motor city -- has been in the making for decades.  The city’s population has fallen by two-thirds since it was an economic and industrial powerhouse in the 1950s.

Orr says Detroit will stay open for business and bills will still be paid.  The city will provide police, fire and other services at the current level.

“We are planning to get through this process as expeditiously as possible.  We are targeting to get through this late summer or fall of next year,” he says.

But with so many rival claims on Detroit from such a large number of groups and individuals, the process could take longer before the city is on the road to recovery.

Copyright 2013 ABC News Radio

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