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Another problem of reforming the bankruptcy code to include states is the Contract Clause of the U.S. Constitution, which prohibits state governments from ‘impairing the obligation of contracts.’ [5] As originally understood, this clause prohibited state legislatures from passing any laws to relieve either private debt or the state ...
There are no provisions in U.S. bankruptcy law that authorizes a state to declare bankruptcy. [3] The states were borrowing to fund transportation investments as well as raising capital to start new banks. Northern states, such as Pennsylvania and Maryland, incurred debt through the building of canals to connect the Midwest to ports on the ...
If the individual citizen or corporate citizen is a creditor of the state (e.g. government bonds), then a default by the state can mean a devaluation of their monetary wealth. In addition, the following scenarios can occur in a debtor state from a sovereign default: a banking crisis, as banks have to make write downs on credits given to the state.
State bankruptcies have recently become an open question as the coronavirus pandemic shreds many states’ finances. No state has ever declared bankruptcy, though. As state and local governments ...
With a Chapter 7, your unsecured debts -- like credit card and medical debt -- are completely wiped out. Secured debts, like car and home loans, can either be retained and re-upped or given back ...
SUMMARY: Republicans who just bailed out thousands of private companies and supported a vast increase in federal deficit-spending now want states to declare bankruptcy.
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