What would happen if everyone declared bankruptcy? Or didn't pay their bills?
You'll get the answers to both soon enough. The elite and their pet politicians won't allow themselves to be rehabilitated and the whole mess will have to be reduced to rubble and cleared away before we can start to rebuild. The real danger will be the furious battles between strict constructionists and those who will want to "correct the mistakes and update the constitution". Instead of making health care for all a "right" there will be a majority who will demand special treatment just as they had before the old system folded.
And the 2nd amendment will be in jeopardy for the same reason the Dred Scott decision was handed down in 1857. Most of the people will not want inner city blacks to have an unfettered right to own guns, and certainly not machine guns such as the famous Chicago Typewriter.
Constitutionally guaranteed Tommy Guns were once available to all through the Sears catalog with no background checks, fingerprints, $200 tax stamps or written promises not to smoke any reefer, which these days would lead to massacres in schoolyards, seminaries, newsrooms and state capitals. (and juke joints, pool rooms, rap venues and African American hair salons)
And it would undoubtedly lead to innocent young white women dropping their bloomers for gun toting nig....I mean, African Americans and Mexicans who would get them hooked on that dangerous narcotic....