From: Mish's Global Economic Trend Analysis - 1:24am - August 2, 2012Fearing action by creditors, San Bernardino, California, Files Chapter 9 Bankruptcy Petition San Bernardino, California, after disclosing a $46 million shortfall in the city?s budget, filed for municipal bankruptcy. San Bernardino listed assets and debt of more than $1 billion in a filing yesterday with the U.S. Bankruptcy Court in Riverside, California. It?s the third California city to seek court protection from creditors since June 28. City officials sped up the timing of the filing because they were concerned that some creditors may take legal action against the city, Mayor Patrick J. Morris said yesterday in a phone interview. Under Chapter 9, all court cases and other legal actions against the city will be halted until the bankruptcy case is over. One of the main problems is the high cost of the city?s union contracts, particularly for police and fire service, City Counc...
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