America's Cities Are in Financial Peril

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  • Scranton, Pennsylvania
  • 071312 national banruptcy stockton california
  • Mammoth Lakes, California
  • San Bernardino, California
  • Jefferson County, Alabama
  • bankruptcy
  • Detroit, Michigan

Jefferson County, Alabama

Back in November 2011, Jefferson County in Birmingham, Alabama, revealed it was forced to file for bankruptcy protection to cover an estimated $4.2 billion it owed to its creditors, including $3.14 billion owed as part of a sewer rehabilitation project. With nearly 659,000 residents, 42 percent of which are African-American, Jefferson County's filing triggered the largest municipal bankruptcy in U.S. history. 

(Photo: AP)