Vallejo, Calif., cleared to emerge from bankruptcy
After nearly three years of winding its way through federal bankruptcy court, Vallejo, Calif., was cleared Friday to emerge from Chapter 9 bankruptcy protection, said Marc Levinson, the city's bankruptcy attorney.
VALLEJO, Calif. Vallejo is set to become the largest California city to declare bankruptcy after leaders voted in favor of it to solve the San Francisco Bay Area suburb's spiraling budget crisis.