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The Bankruptcy Reform Act of 1978 (Pub. L. 95–598, 92 Stat. 2549, November 6, 1978) is a United States Act of Congress regulating bankruptcy. The current Bankruptcy Code was enacted in 1978 by § 101 of the Act which generally became effective on October 1, 1979. The current Code completely replaced the former Bankruptcy Act of 1898 ...
Title 11 of the United States Code, also known as the United States Bankruptcy Code, is the source of bankruptcy law in the United States Code. [ 1 ] This article is part of a series on the
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) (Pub. L. 109–8 (text), 119 Stat. 23, enacted April 20, 2005) is a legislative act that made several significant changes to the United States Bankruptcy Code.
Chapter 15 incorporates the Model Law on Cross Border Insolvency drafted by the United Nations Commission on International Trade Law.The law provides solutions to problems which arise in connection with cross-border bankruptcy, allowing US courts to issue subpoenas, orders to turn over assets, stays on pending actions, and orders of other types as circumstances dictate.
A debtors’ ability to formulate a plan of reorganization under Chapter 11 of the Bankruptcy Code is one of its most powerful tools. In a plan, the debtor must classify its creditors by the ...
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