Stockton, California is facing a $26 million budget shortfall and hasn’t been able to square its debts through state-required mediation. Now the city of 290,000 will swallow its pride and apply for Chapter 9 bankruptcy. "Unfortunately, it's the equivalent of cutting off your arm to save the rest of the body," Stockton city manager Bob Deis told KGO TV.
It’s been a slow fall for Stockton, which Forbes ranked as America’s most miserable city in 2010. Violent crime is on the uptick and some residents are moving away. Musician and songwriter Frank Colli is one of Stockton’s beleaguered residents. He’s lived in the city off and on for over fifty years and raised his children there.