by Joel R. Glucksman on July 13, 2012
The recession and consequent housing crisis have taken their toll on California, and San Bernardino has now become the third city in the state to file for Chapter 9 municipal bankruptcy in a one-month period.
The filing comes on the heels of filings by Stockton and Mammoth Lakes, which both filed for protection under federal bankruptcy law after budget shortfalls, municipal debt and growing pension problems became too financially burdensome. San Bernardino currently faces budget shortfalls of $45 million and is expected to run annual deficits for the next five years.
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