U.S. Bankruptcy Judge Steven Rhodes has cleared the way for Detroit to officially become the largest U.S. city ever to enter Chapter 9 bankruptcy. In summarizing his decision, Rhodes explained: “We have here a judicial finding that this once proud city cannot pay its debts. At the same time, it has an opportunity for a fresh start. I hope that everybody associated with the city will recognize that opportunity.” For those counting on pensions, it could be too late for a fresh start.