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Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection.
Bankruptcy is a better solution than the two alternatives: (1) defaults, which are violations of debt obligations outside of the bankruptcy process, and (2) bailouts by the federal government. [7] Public choice theory suggest that politicians are often incentivized or biased towards immediate borrowing and spending. [10]
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
Debts that can be discharged in bankruptcy include medical debt, credit card debt, car loans, personal loans, payday loans, utility bills, and any other unsecured debts.
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ineligible for ...
The bankruptcy was caused by debt related to car purchases. [289] Donna D'Errico: American actress Chapter 7 [290] 2014 [290] Assets of $414,000 [291] against debt of $947,000. [291] The debt consisted mostly of legal fees from a divorce and custody litigation against Nikki Sixx. [291] Willie Thorne: English snooker player IA 1986 [292] 2015 ...
A sovereign default is the failure or refusal of the government of a sovereign state to pay back its debt in full when due. Cessation of due payments (or receivables) may either be accompanied by that government's formal declaration that it will not pay (or only partially pay) its debts (repudiation), or it may be unannounced.