FarmerChick
Super Self-Sufficient
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Alabama's Jefferson County filed for bankruptcy court protection on Wednesday in the biggest municipal bankruptcy in U.S. history.
Commissioners for the county, which is home to Birmingham, the state's biggest city and economic powerhouse, voted 4-1 to declare bankruptcy after meeting behind closed doors for two days in a last ditch-attempt to restructure its debt out of court.
A tentative deal reached with creditors in September to settle $3.14 billion in red ink had been widely expected to avert bankruptcy.
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The bankruptcy filing by the southern U.S. county will add to concerns about the risks in the $3.7 trillion U.S. municipal bond market, which was hit recently by the high-profile debt crisis in Pennsylvania's capital of Harrisburg.
In addition to Harrisburg, which filed for bankruptcy last month, just two other cities -- Vallejo, California and tiny Central Falls, Rhode Island -- have declared bankruptcy in recent years since the onset of the U.S. financial crisis.
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http://att.my.yahoo.com/_ylt=AmMviK...uaHRtbA--/RS=^ADAPOSc7MUlsTSS..4wBSlS1M9DMmM-
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I TELL YA IT IS WILD OUT THERE.
does anyone know truly what it means if a city goes bankrupt? hmmm
Commissioners for the county, which is home to Birmingham, the state's biggest city and economic powerhouse, voted 4-1 to declare bankruptcy after meeting behind closed doors for two days in a last ditch-attempt to restructure its debt out of court.
A tentative deal reached with creditors in September to settle $3.14 billion in red ink had been widely expected to avert bankruptcy.
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The bankruptcy filing by the southern U.S. county will add to concerns about the risks in the $3.7 trillion U.S. municipal bond market, which was hit recently by the high-profile debt crisis in Pennsylvania's capital of Harrisburg.
In addition to Harrisburg, which filed for bankruptcy last month, just two other cities -- Vallejo, California and tiny Central Falls, Rhode Island -- have declared bankruptcy in recent years since the onset of the U.S. financial crisis.
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http://att.my.yahoo.com/_ylt=AmMviK...uaHRtbA--/RS=^ADAPOSc7MUlsTSS..4wBSlS1M9DMmM-
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I TELL YA IT IS WILD OUT THERE.
does anyone know truly what it means if a city goes bankrupt? hmmm
