SAN BERNARDINO, CA - JULY 12: A house is advertised for sale on July 12, 2012 in San Bernardino, California. The San Bernardino City Council voted this week to file for Chapter 9 bankruptcy protection, making San Bernardino the second largest municipality in the nation ever to file for bankruptcy and the third in California to opt for bankruptcy in the past two weeks. Stockton, California with a population of nearly 300,000, became the biggest when it filed for bankruptcy on July 3. The Sierra Nevada Mountains ski town of Mammoth Lakes, California also voted for bankruptcy July 3. The city is facing a $45.8 million budget shortfall and is in danger of not making payroll for the next three months. City officials are set to discuss the next steps in the bankruptcy process and may also declare a fiscal emergency at its meeting July 16. (Photo by David McNew/Getty Images)
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Getty Images News David McNew