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Fraud Enforcement and Recovery Act of 2009; Long title: An act to improve enforcement of mortgage fraud, securities fraud and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, for the recovery of funds lost to these frauds, and for other purposes.
Most bankruptcy attorneys predicted that this will result in increased attorneys fees and will make attorneys less likely to take on some cases. In addition, bankruptcy filings are now subject to audit in a manner similar to tax returns. Increased compliance requirements for small businesses. The new law increases the bureaucratic compliance ...
The history of bankruptcy law in the United States refers primarily to a series of acts of Congress regarding the nature of bankruptcy.As the legal regime for bankruptcy in the United States developed, it moved from a system which viewed bankruptcy as a quasi-criminal act, to one focused on solving and repaying debts for people and businesses suffering heavy losses.
Bankruptcy. The mere word can evoke shame, fear and dread -- and for good reason. When you file for bankruptcy, your credit score takes a major blow, possibly dropping as much as 240 points,...
Previously, bankruptcy laws were designed to benefit creditors rather than debtors. The first U.S. bankruptcy law, known as the Bankruptcy Act of 1800, provided for liquidating the debtor's assets and distributing the proceeds to the debtor's creditors and did not provide for a discharge of debts. This law was repealed just three years later ...
The first municipal bankruptcy legislation was enacted in 1934 during the Great Depression. [2] Although Congress attempted to draft the legislation so as not to interfere with the sovereign powers of the states guaranteed by the Tenth Amendment to the Constitution, the Supreme Court held the 1934 Act unconstitutional as an improper interference with the sovereignty of the states. [2]