text: 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 in July 2013. The city approved a plan to exit bankruptcy in October 2013, and voters approved a sales tax on November 5, 2013, to help fund the exit.
  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 bankruptcy. 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 to be filed with the U.S. Bankruptcy Court, Eastern District of California, Sacramento. Voters approved a -cent sales tax on November 5, 2013, to help fund the bankruptcy exit.
  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. The city exited from Chapter 9 bankruptcy on February 25, 2015.
  Experiment in Guaranteed Basic Income