Bankruptcy

The city of Stockton, California, population 291,000 is trying to avoid becoming the biggest U.S. city to go bankrupt during this economic downturn.

Dewey & LeBoeuf filed for bankruptcy protection last night. In the last half century, large corporate law firms have enjoyed an enormously lucrative run. Although in the last four to five years revenue has flattened out.

Dewey & LeBoeuf, one of the largest law firms in the country, filed for bankruptcy last night after months of financial turmoil and partner defections.

The city of Stockton, Calif. has been hit hard by the financial crisis. With the city on the verge of bankruptcy, residents share what it's like when your town is teetering on the brink.

Hercules, Calif. was on the brink of bankruptcy. So the town made major sacrifices to stay solvent.

The fashion designer Betsey Johnson has filed for bankruptcy protection. Dozens of the fashion designers' stores will close, and hundred of employees will be laid off.

The parent company of American Airlines wants more concessions from unions, or it'll push to cancel existing labor contracts.