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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.
In 2010, the city of Hamtramck, Michigan requested permission from the Governor under Michigan's authorizing law to file a petition for Chapter 9 Bankruptcy, [57] but was denied. Instead of bankruptcy, the treasury advised that Hamtramck be offered a selection of loan options. [58] Denied by courts Washington Park, Illinois: City 2010 4,200
Former federal judge Gerald Rosen has written the first in-depth account by an insider participant in the city's 2013-14 bankruptcy. Judge’s new book exposes secrets, deals of Detroit’s ...
"The Early History of English Bankruptcy". University of Pennsylvania Law Review. 67 (1): 1– 20. doi:10.2307/3314453. JSTOR 3314453. Treiman, Israel (1927). "Escaping the Creditor in the Middle Ages". Law Quarterly Review. 43: 230. JSTOR 1333915. Reports. Report of the Commission on Bankruptcy Laws of the United States, H.R. Doc. No. 93-137, 93d.
Certain scholars and politicians have advocated for a reform of the law to allow states to seek bankruptcy. [6] [3] [4] They argue that the law will require voluntary consent by the state and will not give the federal government or creditors the power to force a bankruptcy; therefore it would not interfere with state sovereignty or be unconstitutional.
First there was Harrisburg, Pennsylvania. Then, Jefferson County, Alabama. Now, hold onto your hats folks -- we could be just days away from seeing the biggest municipal bankruptcy in U.S. history ...
The Teamsters and the Treasury. Yellow’s bankruptcy in July punched a $5 billion hole in the U.S. economy that won’t be easy to fill. Yellow, financially beleaguered for years, finally threw ...
It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1] Detroit is also the largest city by population in U.S. history to file for Chapter 9 bankruptcy, more than twice as large as Stockton, California, which filed in 2012.