Roseville Bankruptcy: History of Bankruptcy in America

Though bankruptcy may seem like a modern phenomenon, it was actually authorized in the Constitution.  Article 1, Section 8 grants Congress the power “to establish uniform laws on the subject of bankruptcies throughout the United States.”  Congress took this grant of power and created the first Bankruptcy Laws in 1800 responding to difficult economic conditions.  Throughout the 1800s and 1900s bankruptcy laws waxed and waned depending mainly on the health of the national economy.  

In 1978, a landmark bill, “The Bankruptcy Reform Act,” became law.  This Act established the main features of our modern bankruptcy code allowing businesses or individuals either reorganization bankruptcy (Chapter 11) or liquidation bankruptcy (Chapter 7).  Despite a widespread stigma against bankruptcy, our bankruptcy code is one of the main strengths of America’s economy.  Without it, consumers who have become indebted due to personal crises or national economic conditions would be unable to save and spend, and downdrafts in the economy could instead become major recessions or depressions.  Without spending demand would fall and job losses would rack up.  By allowing people a fresh start, the United States stimulates demand and supports consumer spending, which accounts for 70% of our economy.

Call Sagaria Law of Roseville today to get the fresh start entitled to you by law.

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