You should probably figure out if you’re in one of them. Take note – this is Dimon trying to put a positive spin on the muni bond market:

JPMorgan Chase & Co. (JPM) Chairman and Chief Executive Officer Jamie Dimon said some municipalities will need to renegotiate debt and a hundred may not “make it.”

“I wouldn’t panic about what I’m about to say,” Dimon, 55, said today at a U.S. Chamber of Commerce event in Washington. “You’re going to see some municipalities not make it. I don’t think it’s going to shatter America, I just think it’s a part of the credit cycle.”

Speculation about widespread municipal-bond defaults intensified in December when bank analyst Meredith Whitney predicted that “hundreds of billions” of dollars of municipal bonds may default in 2011 amid pressure to balance budgets.

JPMorgan, the second-biggest U.S. bank by assets, said in February its commercial bank’s municipal-debt holdings are diversified enough to handle a likely increase in defaults. The number of issuers that can’t manage debts may be about a hundred, Dimon said today.

“It’s not going to be thousands,” he said. “It’s going to be maybe a hundred. It’s going to be a small number” out of roughly 14,000 municipalities.

Only one hundred cities collapsing under debt? Great!

How to prepare for this? Get ready for less services and higher fees and taxes. Put that money away now.