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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.
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were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
United States bankruptcy courts are courts created under Article I of the United States Constitution. [1] The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. [2] United States bankruptcy courts function as units of the district courts and have subject-matter jurisdiction over ...
Now, hold onto your hats folks -- we could be just days away from seeing the biggest municipal bankruptcy in U.S. history. In California, the city of Stockton boasts a Then, Jefferson County, Alabama.
Bankruptcy is also documented in East Asia. According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. Spain became the first sovereign nation in history to declare ...
The restaurant chain that brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world filed for bankruptcy in May. Years of ...
February 1893 Panic of 1893-- The Philadelphia and Reading Railroad went bankrupt on February 20, 1893. Within the next year, more than 150 other railroads had followed, including the Atchison, Topeka and Santa Fe Railroad, Northern Pacific Railroad, Union Pacific Railroad, and almost every other railroad in the West other than the Great Northern Railway and Southern Pacific Railroad.
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.