Seven Cities That Have Gone Bust (And Lived to Tell the Tale)
Yesterday was a dark day for Stockton, California, as it set a new record for the largest American city ever to file for bankruptcy.
But Berg notes that "more than 600 municipalities (including counties) have filed for bankruptcy since Chapter 9 filings first became an option in the 1930s, according to this article from ABC News." The seven largest of those municipalities, along with the dates they went under, are:
- Stockton, Calif. (2012)
- Bridgeport, Conn. (1991)
- Vallejo, Calif. (2008)
- Harrisburg, Penn. (2011)
- Prichard, Ala. (1999, 2009)
- Central Falls, R.I. (2011)
- Desert Hot Springs, Calif. (2001)
At four-fifths the size of all other cities on the list combined, Stockton (pop. 291,707) is the most populous by a long shot. Hopefully, it's a record that won't be challenged again any time soon.