States are considered sovereign, and cannot declare 'bankruptcy'. Since California's (and a few other states as well) liabilities exceed their income, they technically already are underwater...
As far as leaving? Way ahead of that, I left in 2002.
Emergency Medicine - saving the world from themselves, one at a time. "Thou shalt not be a victim, thou shalt not be a perpetrator, but, above all, thou shalt not be a bystander." I make the ADL soil themselves. And that makes me very happy 
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