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2. State defaults in the United States - Wikipedia

   en.wikipedia.org/wiki/State_defaults_in_the...

   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 ...

3. What Happens If a State Goes Bankrupt? - AOL

   www.aol.com/happens-state-goes-bankrupt...

   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 ...

4. Bankruptcy vs. default: Which route is best for you? - AOL

   www.aol.com/finance/bankruptcy-vs-default-route...

   A debt consolidation loan is a personal loan that you use to pay off other debt, usually from credit cards. Debt consolidation loans typically have low fixed interest rates and terms lasting ...

5. Should You Declare Bankruptcy? Here's How to Decide - AOL

   www.aol.com/declare-bankruptcy-heres-decide...

   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 ...

6. U.S. state defaults in the 1840s - Wikipedia

   en.wikipedia.org/wiki/U.S._state_defaults_in_the...

   The majority of state debt was owed to parties outside the U.S., primarily Europe. [5] State debts were largely paid off in full by the late 1840s, although no direct sanctions were enacted to force repayment. The state defaults inspired the enactment of the Bankruptcy Act of 1841, although the Act did not apply to the states themselves, [6 ...

7. Sovereign default - Wikipedia

   en.wikipedia.org/wiki/Sovereign_default

   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.