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Under the new law, the homestead exemption, which allows bankruptcy filers in some states to exempt the value of their homes from creditors, is limited in various ways. If a filer acquired their home less than 1,215 days (40 months) before filing, or if they have been convicted of security law violations or been found guilty of certain crimes ...
It provides for the restructuring of debt of financially distressed municipalities, limits the ability of financially distressed municipalities to obtain government funding; authorizes municipalities to participate in federal debt adjustment actions and bankruptcy actions under certain circumstances; and provides for consolidation or merger of ...
Here's what it means for True Value's 100+ stores in Pennsylvania. True Value has filed for Chapter 11 bankruptcy, and will be sold to a competitor. ... USA TODAY NETWORK. October 15, 2024 at 12: ...
Section 109(c) of the U.S. Bankruptcy Code provides that a municipality may be a debtor in a Chapter 9 bankruptcy case only if the municipality is specifically authorized to be a debtor by State law, or by a governmental officer or organization empowered by State law to authorize the municipality to be a debtor. [20]
After filing for bankruptcy last week, Rite Aid is expected to shutter more than 150 stores across the U.S. — including dozens in Pennsylvania.. The company, which operated more than 2,000 ...
On Aug. 16, President Joe Biden signed the Inflation Reduction Act into law. At $750 billion, it is one of the largest spending packages in American history. Much of the funds will be used to ...
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Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]