As Detroit seeks bankruptcy protection that could slash pension benefits to city workers and retirees, and leave bond holders with only pennies on the dollar, take a look at some of the other U.S. cities that have faced a similar crisis.
Municipalities that have gone bankrupt —
As Detroit seeks bankruptcy protection that could slash pension benefits to city workers and retirees, and leave bond holders with only pennies on the dollar, take a look at some of the other U.S. cities that have faced a similar crisis.
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<a href="index.php?page=&url=http%3A%2F%2Fwww.cnn.com%2F2012%2F08%2F02%2Fus%2Fcalifornia-city-bankruptcy" target="_blank">San Bernadino, California</a>, filed for bankruptcy on August 1, 2012, after the housing market and economic downturn left it with a $45 million shortfall.
Municipalities that have gone bankrupt —
San Bernadino, California, filed for bankruptcy on August 1, 2012, after the housing market and economic downturn left it with a $45 million shortfall.
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<a href="index.php?page=&url=http%3A%2F%2Fedition.cnn.com%2F2012%2F06%2F27%2Fbusiness%2Fcalifornia-stockton-bankruptcy">Stockton, California</a>, filed for bankruptcy on June 28, 2012, due to a $26 million budget deficit and an inability to reach an agreement with its creditors.
Municipalities that have gone bankrupt —
Stockton, California, filed for bankruptcy on June 28, 2012, due to a $26 million budget deficit and an inability to reach an agreement with its creditors.
<a href="index.php?page=&url=http%3A%2F%2Fwww.cnn.com%2F2011%2F12%2F15%2Fus%2Fmunicipal-bankruptcy%2Findex.html">Jefferson County, Alabama</a>, filed for bankruptcy on November 9, 2011, becoming the largest county bankruptcy in U.S. history after winding up over $4 billion in debt. More than $3 billion of that debt was for a sewer project.
Municipalities that have gone bankrupt —
Jefferson County, Alabama, filed for bankruptcy on November 9, 2011, becoming the largest county bankruptcy in U.S. history after winding up over $4 billion in debt. More than $3 billion of that debt was for a sewer project.
<a href="index.php?page=&url=http%3A%2F%2Fwww.cnn.com%2F2011%2FUS%2F08%2F02%2Frhode.island.city.bankruptcy%2Findex.html" target="_blank">Central Falls, Rhode Island</a>, the state's smallest city, filed for bankruptcy on August 1, 2011. The city's underfunded pension fund drove it over the brink.
Municipalities that have gone bankrupt —
Central Falls, Rhode Island, the state's smallest city, filed for bankruptcy on August 1, 2011. The city's underfunded pension fund drove it over the brink.
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The <a href="index.php?page=&url=http%3A%2F%2Fmoney.cnn.com%2F2008%2F06%2F02%2Fpf%2Fretirement%2Fvallejo.moneymag%2F" target="_blank">Vallejo, California</a>, city council voted overwhelmingly in 2008 to file for bankruptcy after the housing slump devastated the town's income. in 2011 they filed a plan of adjustment to allow it to continue operations while paying back its debt.
Municipalities that have gone bankrupt —
The Vallejo, California, city council voted overwhelmingly in 2008 to file for bankruptcy after the housing slump devastated the town's income. in 2011 they filed a plan of adjustment to allow it to continue operations while paying back its debt.
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<a href="index.php?page=&url=http%3A%2F%2Fmoney.cnn.com%2Fmagazines%2Fmoneymag%2Fmoneymag_archive%2F1995%2F02%2F01%2F201331%2F" target="_blank">Orange County, California</a>, filed for bankruptcy in 1994, after heavy borrowing, risky investments and soaring interest rates left the county unable to pay its bills and nearly $2 billion in debt.
Municipalities that have gone bankrupt —
Orange County, California, filed for bankruptcy in 1994, after heavy borrowing, risky investments and soaring interest rates left the county unable to pay its bills and nearly $2 billion in debt.
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