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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]
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 ...
Many types of taxes cannot be discharged in bankruptcy, including non-income tax debts. However, there are some exceptions for tax debt that meet certain qualifications.
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
The city was unable to pay pensions. The city has already declared bankruptcy for the same reason in 1999. Completed [53] Sarpy County Sanitation Improvement District, Sarpy County, Nebraska: Sewer District 2009 The sewer district faced decreased housing development and less revenue as a result. Completed [54] New York City Off-Track Betting ...
Missing a Chapter 13 bankruptcy payment can jeopardize the process. However, many trustees understand that financial difficulties can get in the way and are willing to work out an arrangement to ...
Key takeaways. There are two common types of bankruptcy: Chapter 7 and Chapter 13. Filing for bankruptcy is a time-consuming process that can take years to stop affecting your finances.
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
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