With Detroit $12 billion in debt, Michigan is about to start a financial review that could result in a state-appointed emergency manager for the city. - 

Detroit has worn many titles. Motor City. Motown. Now it's adding another: the largest municipal bankruptcy filing in U.S. history.

The Chapter 9 filing means Detroit will have extra trouble borrowing deep into the future. The bankruptcy could jeapardize city assets and union contracts. People retired from government jobs are watching to see what happens with pensions.

Chris Low, chief economist with FTN Financial, joins Marketplace Morning Report host David Brancaccio to explain how Detroit's bankruptcy will impact each and every state around the country.

Follow David Brancaccio at @DavidBrancaccio