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City governments are joining cash-strapped Americans in seeking bankruptcy protection.
Three cities have filed for bankruptcy in California in the last month alone and others may join the rush to protect an onslaught from creditors.
“Increasingly, governments are in no better shape than many Americans,” financial analyst Alan Cummings tells Capitol Hill Blue. “Times are bad and money is tight.”
Since Congress voted in 1937 to allow cities to seek bankruptcy protection under Chapter 9, some 640 municipalities have filed.