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L.A. Now Live: Discuss Compton, municipal bankruptcies

July 19, 2012 |  8:09 am

Times reporters Jessica Garrison and Abby Sewell will join city editor Shelby Grad for a discussion about Compton's possible bankruptcy -- as well as the recent string of municipal bankruptcies.

The live chat is scheduled for 9 a.m. today. Questions can be submitted live.

City officials announced that Compton could run out of money by summer's end, with $3 million in the bank and more than $5 million in bills due.

Compton amassed a $43-million deficit after years of improperly using money from water, sewer and retirement funds to balance its general fund. Compton will have to pay the money back.

The situation is similar in other financially strapped cities, including San Bernardino, which voted last week to authorize a bankruptcy filing. Stockton and Mammoth Lakes also recently filed for Chapter 9 municipal bankruptcy.