San Jose Bankruptcy: Bankruptcy History

In America, bankruptcy laws were established under the civil code.  But modern bankruptcy is based in the Constitution in Article 1, Section 8 of the United States Constitution, which gives Congress the exclusive power "to establish uniform laws on the subject of bankruptcies throughout the United States." Bankruptcy law is designed to provide a "fresh start" for debtors through either liquidation or reorganization. Bankruptcy was established because many Americans in the 1800’s were going through facing a very bad economy and they needed relief. Throughout the 19th and most of the 20th Century many bankruptcy laws were passed and repealed, mainly because of changing economic conditions.

Finally, in 1978, The Bankruptcy Reform Act was passed. The Act made it easier for individuals and businesses to dissolve debts or reorganize. The Bankruptcy Law is one of the keys that make the United States an economically superior country. The Bankruptcy Reform Act allowed previously indebted consumers to spend again, and helped to stimulate the economy. If people are not given more chances to save and spend, our economy would suffer and more people would lose jobs. When an economy is doing well, consumers are spending and companies are growing. The Bankruptcy Law is so important because it actually allows people a chance to cut their losses and spend again, which in turn stimulates the economy.

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