Vallejo set to become the largest Calif. city to declare bankruptcy
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.
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.