After nearly five years, the city of San Bernardino has emerged from bankruptcy, the Associated Press reported yesterday. The city said in a statement yesterday that starting June 15 it began paying its creditors again under the terms of a bankruptcy exit plan that a judge approved in January. Drowning in debt, San Bernardino filed for bankruptcy on August 1, 2012. It came amid an unprecedented wave of cities declaring bankruptcy, including Vallejo, California and Detroit. Stockton, a Northern California city of similar size, declared bankruptcy just three days earlier. It emerged early in 2015.
