First there was Harrisburg, Pennsylvania. Then, Jefferson County, Alabama. Now, hold onto your hats folks -- we could be just days away from seeing the biggest municipal bankruptcy in U.S. history.
In California, the city of Stockton boasts a population of almost 300,000 ... and a fiscal emergency. The first number means that if Stockton winds up filing for Chapter 9 bankruptcy protection, as its officials are threatening to do, it will be the most populous U.S. municipality ever to declare bankruptcy. And the fiscal emergency? Such problems are going to become increasingly common as city after city follows the downward path that Harrisburg, Jefferson Co., and Stockton have blazed.
Read the rest of the article at Daily Finance
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