CHICAGO — As Michigan officials near their deadline for deciding the future of Detroit, a new report suggests that one of the more dramatic options on the table — a Chapter 9 bankruptcy — doesn’t offer a panacea to the city’s deep-seated financial problems.

If it opted for such a filing, Detroit would be the largest American city to file for municipal bankruptcy, and the first local government to do so in Michigan. Many steps remain before it could file for Chapter 9 protection, and there is no indication that state officials would be willing to let that occur.

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