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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]
Given the complexities of bankruptcy laws, it's crucial to consult with a bankruptcy attorney. They can help you understand whether you qualify for Chapter 7 or if Chapter 13 is more appropriate ...
Californians pay the highest marginal state income tax rate in the country — 13.3%, according to Tax Foundation data. But California has a graduated tax rate, which means your rate increases ...
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.
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
BAPCPA restricted the number of debtors that could declare Chapter 7 bankruptcy. The act sets out a method to calculate a debtor's income, and compares this amount to the median income of the debtor's state. If the debtor's income is above the median income amount of the debtor's state, the debtor is subject to a "means test." [2]
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