With Pennsylvania's capital seeking Chapter 9 bankruptcy, citing overwhelming debt, you’ve got to wonder what happens to people who hold the city's bonds.

The petition, docketed by U.S. Middle District bankruptcy court Wednesday, listed about $458 million in creditors and claims, and said the city faced "imminent jeopardy" from six pending legal actions by creditors related to a debt-saddled trash incinerator.

"The city of Harrisburg does not have the ability to pay those money judgments or any significant portion thereof and still provide health and safety services to its citizens and other essential government services," wrote attorney Mark D. Schwartz, who did not immediately return messages seeking comment.

The filing was signed by Councilwoman Susan Wilson after a 4-3 vote by the council in favor of a resolution to authorize it late Tuesday.

In the wake of these developments, what happens to the general obligation bonds issued by the city of Harrisburg? Should you worry about getting paid?

Find out from Alexandra Lebenthal of Lebenthal and Company. Watch the video now!

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Trader disclosure: On Oct 12, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Najarian is long AAPL; Najarian is long C; Najarian is long MSFT; Najarian is long MS; Najarian is long YHOO bonds; Najarian is long WFC calls; Najarian is long ETFC; Najarian is long PEP; Najarian is long A; Najarian is long AKAM; Terranova is long VRTS; Terranova is long LQD; Terranova is long MUB; Terranova is long FCX; Terranova is long TBT; Terranova is long OXY; Terranova is long HOS; Terranova is long F; Terranova is long LULU; Terranova is long OIH; Terranova is long CAT; Terranova is long AXP; Terranova is long EMC; Terranova is long WFC; Terranova is long AAPL; Terranova is long IBM; Terranova is long Silver December $40 puts; Finerman owns AAPL; Finerman owns GOOG; Finerman owns JPM; Finerman owns MSFT; Kelly is long cooper; Kelly is short treasury bonds; Kelly is long IBM; Kelly is long KRE; Doolittle is long FAZ; Doolittle is long GLL; Doolittle is long SDS; Doolittle is long SSO; Doolittle is long TYP; Doolittle is long TZA; Doolittle is long ZSL; Gartman is short S&P 500 futures; Gartman is short euro; Gartman is long corn; Gartman is long wheat; Gartman is long British Pound

For Karen Finerman
Finerman’s firm owns short calls AAPL
Finerman’s firm owns JPM stock leaps & short calls
Finerman’s firm owns MSFT
Finerman’s firm owns YHOO

For Mark Mahaney
Citigroup Global Markets Inc. or its affiliates beneficially owns 1% or more of any class of common equity securities of eBay Inc, Netflix Inc, Yahoo! Inc. This position reflects information available as of the prior business day.
Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of securities of eBay Inc, Google Inc.
Citigroup Global Markets Inc. or its affiliates has received compensation for investment banking services provided within the past 12 months from eBay Inc, Google Inc.
Citigroup Global Markets Inc. or its affiliates expects to receive or intends to seek, within the next three months, compensation for investment banking services from Yahoo! Inc.
Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services from Amazon.com Inc, eBay Inc, Google Inc, Priceline.Com Inc, Yahoo! Inc in the past 12 months.
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as investment banking client(s): eBay Inc, Google Inc, Yahoo! Inc.
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities-related: Amazon.com Inc, eBay Inc, Google Inc, Priceline.Com Inc, Yahoo! Inc.
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, non-securities-related: Amazon.com Inc, eBay Inc, Google Inc, Priceline.Com Inc, Yahoo! Inc.

For Gerard Cassidy
A member company of RBC Capital Markets or one of its affiliates managed or co-managed a public offering of securities for JPMorgan Chase & Co. in the past 12 months.
A member company of RBC Capital Markets or one of its affiliates managed or co-managed a public offering of securities for Goldman Sachs Group, Inc. in the past 12 months.
A member company of RBC Capital Markets or one of its affiliates received compensation for investment banking services from Citigroup Inc. in the past 12 months.
A member company of RBC Capital Markets or one of its affiliates received compensation for investment banking services from Morgan Stanley in the past 12 months.

For Alexandra Lebenthal
No disclosures

CNBC.com with wires.