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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]
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 ...
County treasurer Robert Citron made risky investments, leading to the county's bankruptcy Completed [37] [38] Kinlock, Missouri: City 1994 2,700 Completed [39] Pritchard, Alabama: City 1999 28,600 Due to inability to pay pensions. The city would again declare bankruptcy in 2009. Completed [40] Desert Hot Springs, California: City 2001 16,500 ...
I can pay $0.10 on the dollar (it's a good idea to start low), if that doesn't work, we will very likely have to file Chapter 7 bankruptcy." Then you negotiate.
The highest county income tax in the state is 3.38% and it is charged in addition to the state income tax. [2] [3] County income taxes rate are set by the county board of commissioners and submitted to the Department of Revenue. The department forwards the request to the state legislature where the requested rate must be approved by the Indiana ...
The filing deadline for most 2023 federal and state of Indiana income tax returns is April 15, 2024.
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Bankruptcy will whack your credit, but Chapter 7 may allow you to start rebuilding relatively quickly, while Chapter 13 will have longer-term effects. You could have a decent credit score (above ...
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