California City Hit With $2 Million 'Parking Ticket'
Faced with the prospect of becoming the biggest municipal bankruptcy in U.S. history, Stockton, Calif., decided on a novel gambit: They just stopped paying some of their bills.
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Voila! Bankrupt Cities Are Solvent Again! (Or Not)
Last month, Harrisburg, Pa., tried to throw in the financial towel and declare Chapter 9, but a judge threw out the bankruptcy petition. That doesn't mean the city is magically healthy again, though, and it's not the only municipality in similar straits. Here's why it matters to the rest of the country.
Alabama County Avoids Bankruptcy Filing
Jefferson County, Alabama's, sewer debt crisis is coming to a close. Commissioners voted Friday on a deal framework that will let it restructure and partially write off $3.14 billion debt, saving the county from filing for Chapter 9 in what would have been the largest municipal bankruptcy in U.S. history.
What Government Defaults Mean for Muni Bonds
U.S. municipalities have filed five bankruptcies this year, and -- next week -- Jefferson County, Ala., could make a sixth. Could city and county defaults shake the muni-bond market just as investors are fleeing to it amid stock-market declines?