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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 ...
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 ...
A debt management plan can also help you resolve overwhelming debt. It involves a credit counselor reaching out to your creditors to negotiate concessions on your behalf in hopes of making your ...
Common forms include debt settlement, debt management, debt consolidation and bankruptcy. To decide which debt relief option is best, evaluate how each will impact your credit score and long-term ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Bankruptcy can give you a fresh start by restructuring your debts or liquidating some of your assets, but it can ruin your credit. Debt consolidation combines several debts into one, ideally with ...
Use alternatives like debt consolidation and credit counseling before turning to bankruptcy. If your debts have grown beyond control and you feel there is no other way out, you may be wondering if ...
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 ...
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