The office of the Superintendent of Bankruptcy, a federal agency, is responsible for ensuring that bankruptcies are administered in a fair and orderly manner.
The current Bankruptcy Code, which replaced the Chandler Act, was enacted in 1978 by § 101 of the Bankruptcy Reform Act of 1978.
Despite the legal benefits of bankruptcy, there exist a number of drawbacks.
Bankruptcy prevents a person's creditors from obtaining a judgment against them.
The "Chandler Act" of 1938 gave unprecedented authority to the Securities and Exchange Commission in the administration of bankruptcy filings.
Bankruptcy is the legally declared inability, or impairment of ability, of an individual or organization to pay their creditors.
The plans available under bankruptcy laws in most nations offer a fair way of organizing debt and planning for the future.
Nevertheless, the declaration of bankruptcy enables people to resume control of their lives.
Bankruptcy allows debtors to be discharged from the legal obligation to pay most debts by submitting their non-exempt assets to the jurisdiction of the bankruptcy court for eventual distribution among their creditors.
Bankruptcy is a legal process that discharges most debts, but has the disadvantage of making it more difficult for an individual to borrow in the future.
Bankruptcy is also a useful option for some failing businesses.
Historically, some cultures had no provision for bankruptcy, using other methods to deal with the issue of unpaid debts.
The Statute of Bankrupts of 1542 was the first statute under English law dealing with bankruptcy or insolvency.
State law, therefore, plays a major role in many bankruptcy cases, and it is often quite unwise to generalize bankruptcy issues across state lines.
Bankruptcy in Canada is set out by law in the Bankruptcy and Insolvency Act and is applicable to both businesses and individuals.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) (Pub.L.
In Austria, more than half of all bankruptcy proceedings in 2004, were not even opened due to insufficient funding to settle some outstanding amounts.
In Canada, a person can file a consumer proposal as an alternative to bankruptcy.
Bankruptcy provides a legal, structured method for eliminating debt without the crushing fear of debilitating repossession.
Multiple filings are not in and of themselves criminal, but they may violate provisions of bankruptcy law.
The word bankruptcy is formed from the ancient Latin bancus (a bench or table), and ruptus (broken).
Creditors may file a bankruptcy petition against a debtor in an effort to recoup a portion of what they are owed.
The first modern Bankruptcy Act in America, sometimes called the "Nelson Act," was initially entered into force in 1898.
Bankruptcy fraud should be distinguished from strategic bankruptcy, which is not a criminal act, but may work against the filer.
During 2004, new all-time high rates of bankruptcy were reached in many European countries.
The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13.
Bankruptcy in Scotland is referred to as Sequestration.
The declaration of bankruptcy can provide debtors, both individual and companies, necessary financial stability to move forward.
To avoid the negative impacts of personal bankruptcy, individuals in debt have a number of bankruptcy alternatives.
Bankruptcy is also documented in the Far East.
During the bankruptcy proceeding, the debtor is protected from most non-bankruptcy legal action by creditors through a legally imposed "stay."