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Bankrupt California City List |
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California Cities and Municipalities In Or Near Bankruptcy Return to KirkLindstrom.com home page |
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![]() What does it mean for a city to be bankrupt?
Cities can file for bankruptcy if they are insolvent which means they are unable to pay debts that are due. When in bankruptcy, a city doesn't have to pay its creditors while it negotiates a plan for dealing with its debts. Municipal bankruptcies are extremely rare because cities have the power to tax. Since they can tax their citizens, cities have a hard time convincing a bankruptcy court that they truly cannot pay their debts. |
List of California cities that have filed for Bankruptcy in 2012 :
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Disclaimer: The information contained in this seb site is not intended to constitute financial advice, and is not a recommendation or solicitation to buy, sell or hold any security. This blog is strictly informational and educational and is not to be construed as any kind of financial advice, investment advice or legal advice. Copyright © 2012 Kirk Lindstrom. Note: "CORE & Explore®" was coined by and is a registered trademark of Charles Schwab & Co., Inc. |