There are no non-concavities due to borrowing constraints in our model because the only borrowing constraint is generated by the no-bankruptcy condition, which is in effect enforced by having infinite marginal utility of consumption at zero consumption.
It comes at a time when the state's two biggest power companies, Southern California Edison, a unit of Edison International, and PG&E 's Pacific Gas and Electric, are near bankruptcy, a condition brought on by increasing consumer demand for electricity at regulated prices and a shortage of supply.
Because no Native American-run casino has filed for bankruptcy, these conditions have not been tested by federal courts before.
"Right now birth or illness for many families leads to debt, poverty or bankruptcy -- conditions which disrupt the economy".
Those are ones that the seller is "desperate to sell" for reasons such as: divorce, bankruptcy, death, poor condition of the property, late on payments or other.
For a middle class eviscerated by relentless rounds of cuts and tax rises – the price of the country's ongoing struggle to avert bankruptcy – the draconian conditions attached to the latest bailout are invariably invoked in their defence.
A proposal championed by Visa and MasterCard would have the courts evaluate a bankruptcy applicant's financial condition and determine whether the debtor files under Chapter 13 or the less demanding Chapter 7. That's a dubious idea.
Lajos Bokros, a former finance minister, says that the alternative to not meeting the monetary fund's conditions is bankruptcy.
But it would probably require the approval of Congress and legislatures of all the fund's 183 member nations because they would have to grant legal amnesty to nations that meet the fund's conditions for bankruptcy.
Under Michigan law, a city can file for bankruptcy only under certain conditions, including if an emergency manager has attempted other measures and concluded that such a move is needed.
DISH says the transaction is expected to close in the second quarter of 2011, although its completion is contingent upon satisfaction of certain conditions, including bankruptcy court approval.
