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2. State defaults in the United States - Wikipedia

   en.wikipedia.org/wiki/State_defaults_in_the...

   Without the possibility of bankruptcy, a state can experience the debt overhang problem, where large existing debt burdens deter any additional lending to the state, driving out capital. [7] The state's ability to tax and collect revenue is not unlimited; residents can simply move away if the tax is too high. [11]

3. Which debts can’t be discharged in bankruptcy? - AOL

   www.aol.com/finance/debts-t-discharged...

   Many types of taxes cannot be discharged in bankruptcy, including non-income tax debts. However, there are some exceptions for tax debt that meet certain qualifications.

4. What Happens If a State Goes Bankrupt? - AOL

   www.aol.com/happens-state-goes-bankrupt...

   No state has ever declared bankruptcy, though. As state and local governments have shut down businesses to prevent the spread of COVID-19, they have also ended much of the consumer activity that ...

5. Bankruptcy in the United States - Wikipedia

   en.wikipedia.org/.../Bankruptcy_in_the_United_States

   Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...

6. Cancellation-of-debt income - Wikipedia

   en.wikipedia.org/wiki/Cancellation-of-debt_income

   In order for this exception to apply, the amount of debt must actually be disputed. This can happen if the two parties actually have a good faith dispute over the amount owed. A written instrument containing the amount of debt will probably not satisfy this requirement. However, as the court decided in Zarin, the Disputed Debt Doctrine can also ...

7. Should You Declare Bankruptcy? Here's How to Decide - AOL

   www.aol.com/declare-bankruptcy-heres-decide...

   This is a repayment plan spread over three to five years, where you pay back a portion of your debts based on your income. Unfortunately, many people struggle to complete their Chapter 13 plans ...