Chapter 9 municipal bankruptcy became part of federal law in 1934, during the Great Depression, when towns and cities nationwide faced massive drops in tax revenues. Since then, there've been less than 500 municipal filings. But that number may tick up during the current economic crisis. Vallejo, California, has already filed for bankruptcy protection and Jefferson County, Alabama, is on the brink of filing the largest municipal bankruptcy in U-S history. WBHM's Tanya Ott has an update.