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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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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