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Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
In most cases, those who owe tax debts cannot discharge these debts in bankruptcy. “Tax debts are considered to be a priority because they are used to fund important government services ...
If you were to file for bankruptcy, you might experience an unwelcome shock in finding out this does not discharge all forms of debt. Those who carry certain debts are still held responsible for...
The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [1] Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. [2]
It was in the Bankruptcy Act of 1898 that the modern system of bankruptcy law in the United States was established. This law provided for both voluntary and involuntary bankruptcy and allowed for the discharge of certain debts. The 1898 Act also established bankruptcy courts and created the position of a bankruptcy trustee to oversee bankruptcy ...
Robert Cole Sprague (born April 18, 1973) is an American politician serving as the 49th and current Ohio Treasurer of State since 2019. Prior to his election as treasurer, he represented the 83rd district in the Ohio House of Representatives, and served as city auditor and treasurer in his hometown of Findlay.
Section 109(c) of the U.S. Bankruptcy Code provides that a municipality may be a debtor in a Chapter 9 bankruptcy case only if the municipality is specifically authorized to be a debtor by State law, or by a governmental officer or organization empowered by State law to authorize the municipality to be a debtor. [20]
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.