Fort Walton Beach, Fla.- Amid the COVID-19 pandemic there has been extreme controversy around the idea of states being able to declare bankruptcy. Lewis and Jurnovoy, a trusted Fort Walton Beach Chapter 13 bankruptcy lawyer, is highlighting this discussion. The bankruptcy code does not currently reflect specifications on states declaring bankruptcy.
Lewis and Jurnovoy advise allowing this unprecedented option could cause major problems for the economy. Senator McConnell supports this idea as opposed to providing bailout money for the states. Many state’s money is quickly depleting due to a large amount of unemployment payments and other public services provided by the states. Allowing the states to declare bankruptcy could deplete the economy faster.
While this idea has some supporters, many people in Congress in both parties do not support this idea. The bottom line is that allowing states to declare bankruptcy could mean higher taxes for residents in all 50 states. Lewis and Jurnovoy suggest that allowing states to declare bankruptcy is highly due to states currently being protected by the 10th and 11th Amendments. However, cities can currently declare bankruptcy under chapter 9 of the bankruptcy code.
Lewis and Jurnovoy is a trusted lawyer in the area keeping a watching on bankruptcy news and providing it to the community as soon as possible. The Fort Walton Beach debt lawyer loves the community it serves and wants to do its part to keep them informed. For more information on bankruptcy check out “Bankruptcy Hour” on blab T.V. or visit them online at http://www.LewisandJurnovoy.com.
SOURCE: Press Advantage [Link]
The primary emphasis of our law firm is in the representation of individuals in Chapter 13 bankruptcy, Chapter 7 bankruptcy,mortgage foreclosures, mortgage modifications and protecting against abusive debt collectors.
January 30, 2020 – Fort Walton Beach Bankruptcy Law Firm Celebrates Another Successful Year