Hi
You can try using money cheats to get the cities running again - Alt + W key = 100,000 simoleans added to your budget, Ctrl + Alt + W = 5,000 simoleans per hour to your income. As soon as the city is running again, pause the game and check out your budget screen to see where you're spending all the money. Your choices are to increase revenue or decrease spending, or both. Adding a city specialization like trade is a good way to get cash rolling in; also oil or coal if your plot has any of those resources. Raising taxes will work for a bit, but your sims will start to get very unhappy if you raise the taxes higher than 12%. Try turning off some of your unneeded stuff like the mayor's house if you have one.
If you have the patience, you can micro-manage the taxes for a little while to give yourself a chance to recover the city. Cheat in enough money to get the city going again, then pause the game at exactly 1 minute to the hour. Raise all the taxes to the maximum, un-pause the game just to 1 minute after the hour and pause again, then lower the taxes again.
The highest you can place taxes without causing unhappiness is 12% for Low Wealth, 11% for Medium Wealth, and 10% for High Wealth.
Once you've balanced your budget a bit more, work on lowering the tax rate for all of the sims which will gain happiness and help your city to grow.