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Going broke: Bankrupt municipalities

Published On: Jul 11 2012 10:56:08 AM CDT   Updated On: Feb 20 2013 09:26:38 AM CST

With the city of Detroit edging closer to bankruptcy, check out these cities that have already gone broke.

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Since 1937, when bankruptcy became an option for municipalities, an estimated 625 government bodies have filed for Chapter 9 protection, according to ABC News. Here are the most recent, and some of the most notable:

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