The Summer California Went Bankrupt

Law360, New York (August 10, 2012, 12:49 PM EDT) -- The summer of 2012 may be remembered, at least to avid bankruptcy law enthusiasts, as "the summer California went bankrupt." With three municipalities already in Chapter 9 proceedings and a fourth currently struggling to avoid a filing by summer’s end, California has become a hotbed of municipal bankruptcy activity.

Each case presents its own unique combination of economic hardships that have necessitated bankruptcy protection, and each may provide lessons for some of the 19,000 municipalities nationwide that currently share the same kinds of economic hardships as...
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