Detroit, once known for its diversity, booming automobile industry, and rich music culture, has been overwhelmed by its astronomical debt. Last month, Federal Judge Steven Rhodes ruled the city eligible for Chapter 9 bankruptcy. The tribulations leading to this economic downfall have affected the entire city, which is now left with abandoned homes, the highest unemployment rate of any major U.S. city, and an unpayable debt of over $18 billion. According to Judge Rhodes, “The city needs help. Detroit is facing mounting crime rates, spreading blight and a deteriorating quality of life. The city no longer has the resources to provide its residents with basic police, fire, and services.” The bankruptcy is not, however, a mark of defeat, but rather an opportunity for the city to start fresh and curtail its financial troubles.

There are a number of options the government could pursue to rebuild Detroit. One potential idea tackles the city’s population problems. To replace the one million residents who have moved away, the city—with the help of the state government and officials—could relocate immigrants into Detroit and its surrounding communities. Currently, there are an estimated 165 million foreign immigrants seeking American citizenship. Through the EB-5 Immigrant Investor Program—created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors—Detroit could be revitalized. President Barack Obama and city officials must communicate for this plan to work. It is not a task Detroit can undertake on its own.

An unprecedented flood of philanthropic donations is also helping to ameliorate Detroit’s financial stress. Both national and local foundations have pledged over $300 million to the city. This will help ease the city’s obligations to retirees, whose benefits are at risk of being cut in the bankruptcy. Many other foundations are joining the initiative.  Darren Walker, president of the Ford Foundation, said that it was “unprecedented and monumental for philanthropies to undertake this kind of initiative, but if there was ever a time when philanthropy should step up, this is it.” Already, the Knight Foundation has committed $30 million, the largest single quantity it has ever pledged.

Another, more controversial plan is to sell the Detroit Institute of Arts to a nonprofit organization. Opponents of the plan claim that the money would not be enough to resolve Detroit’s underfunding but merely ease it. On the other hand, selling the museum would protect it from future financial crises.

Whether you call it Motown, The Motor City, Hockeytown, or just Detroit, know that the American people and government will not let Detroit die without a fight.