Apparently, the biggest difference between a municipal bankruptcy and a corporate one is that municipalities don't just get to discharge their bonds the way a company can. There still are going to be a lot of negotiations about who gets paid how much and when. I think the biggest asset Detroit has is the water department, which is among the best in the world and supplies most of SE Michigan. There are going to be tons of stakeholders trying to get that sold to the highest bidder. The people in the rich counties who hate Detroit and who don't care about the city's fate are going to be in for a rude awakening when their water bills double. Other than that I can't imagine too many services getting much worse. The biggest fight will be over changes to pensions, as that is where more than half of Detroit's long tern debt is.