Some cunning debtors realized they could request a friendly lender to instigate a bankruptcy case. But because of several complaints of favoritism and corruption, this Act was repealed in 1803. In 1837, there was a financial panic, and after this panic, congress enacted another law known as ...
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Jackson Hewitt filed for chapter 11 protection in Delaware on May 24, 2011, after getting into trouble with lenders as it failed to secure full funding for tax-refund ("refund anticipation") loans, a key covenant in its credit agreement. Friendly’s Ice Cream Corp. ("Friendly’s"), an ...
When credit cards have high interest rates, even reasonable spending can quickly lead to large balances. It’s not unusual for people who are struggling with other bills, such as a mortgage and car loans, to devote their paychecks to those bills and then rely on credit cards to buy food,...
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