Editing Stockton, California (section)

===City bankruptcy===
Following the 2008 financial crisis, in June 2012 Stockton became the largest city in U.S. history to file for bankruptcy protection. It was surpassed by [[Detroit bankruptcy|Detroit]] in July 2013. The city approved a plan to exit bankruptcy in October 2013,<ref name="Smith">{{cite web |url=http://www.recordnet.com/apps/pbcs.dll/article?AID=/20131004/A_NEWS/310040326 |title=Council approves Chap. 9 exit plan |first=Scott |last=Smith |date=October 4, 2013 |access-date=November 6, 2013 |work=[[The Record (Stockton)|The Record]]}}</ref> and voters approved a sales tax on November 5, 2013, to help fund the exit.<ref name="Marcum">{{cite web |url=https://www.latimes.com/local/lanow/la-me-ln-stockton-tax-measure-election-20131106,0,5437212.story#axzz2jt4QaQcs |title=Stockton voters approve of new tax measure for bankrupt city | first=Diana | last=Marcum |date=November 6, 2013 |access-date=November 6, 2013 |work=[[Los Angeles Times]] }}</ref>

The collapse in real estate valuations had a negative effect on the city's revenue base. On June 28, 2012, Stockton filed for [[Chapter 9, Title 11, United States Code|Chapter 9 bankruptcy]].<ref>{{cite web|title=Stockton, California Chapter 9 Voluntary Petition|url=https://www.pacermonitor.com/view/7DR4LZQ/City_of_Stockton_California__caebke-12-32118__0001.0.pdf |archive-url=https://web.archive.org/web/20160810225126/https://www.pacermonitor.com/view/7DR4LZQ/City_of_Stockton_California__caebke-12-32118__0001.0.pdf |archive-date=August 10, 2016 |url-status=live|website=PacerMonitor|access-date=June 22, 2016}}</ref> On April 1, 2013, the [[United States Bankruptcy Court]] Eastern District of California ruled that Stockton was eligible for bankruptcy protection.

The Stockton bankruptcy case lasted longer than two years and received nationwide attention. On October 4, 2013, Stockton City Council approved a bankruptcy exit plan by a 6–0 vote<ref name="Smith" /> to be filed with the U.S. Bankruptcy Court, Eastern District of California, Sacramento. Voters approved a {{frac|3|4}}-cent sales tax on November 5, 2013, to help fund the bankruptcy exit.<ref name="Marcum" />

On October 30, 2014, a [[federal bankruptcy judge]] approved the city's bankruptcy recovery plan, thus allowing the city to continue with the planned pension payments to retired workers.<ref>{{cite news|last1=Lifsher|first1=Marc|last2=Petersen|first2=Melody|title=Judge approves Stockton bankruptcy plan; worker pensions safe|url=https://www.latimes.com/business/la-fi-stockton-pension-court-ruling-cuts-20141029-story.html|access-date=October 30, 2014|newspaper=Los Angeles Times|date=October 30, 2014}}</ref> The city exited from Chapter 9 bankruptcy on February 25, 2015.