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Over $4 billion in debt (largest Chapter 9 bankruptcy until 2013 Detroit bankruptcy filing,) [36] from sewer revenue bonds tainted by an interest rate swap bribery scandal with JPMorgan and county commissioner Larry Langford, and bond insurance credit rating collapse in the late-2000s subprime mortgage crisis, followed by the occupation tax ...
Michigan County History and atlases, digitized database, including Powers, Perry F., assisted by H.G. Cutler, A History of Northern Michigan and its People (1912) Michigan County names per the Michigan government. Archived July 28, 2009, at the Wayback Machine; Table of dates counties laid out and organized; History of the name Sheboygan
Just how long Congress has to handle its debt ceiling dilemma depends heavily on the amount of federal tax revenue collected this spring, the pace at which supplemental disaster assistance funds ...
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]
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Chapter 7 is the more advantageous type of bankruptcy because it costs less to file and allows you to eliminate your debt, no matter how much you owe. However, to file for Chapter 7 bankruptcy ...
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Since the debt ceiling system was instituted in 1917, Congress has never not raised the debt ceiling. Congress has voted 78 times to raise or suspend the debt limit since 1960.