Bankruptcy in the united states has had a long and varied history initially the framers of the constitution sought to model bankruptcy laws after english common law on the subject however since the founding of the us the law has taken many twists and turns. The history of bankruptcy law in the united states refers primarily to a series of acts of congress regarding the nature of bankruptcyas 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. In the united states bankruptcy is governed by federal law commonly referred to as the bankruptcy code code the united states constitution article 1 section 8 clause 4 authorizes congress to enact uniform laws on the subject of bankruptcies throughout the united states congress has exercised this authority several times since 1801 including through adoption of the bankruptcy . History of bankruptcy in the united states by vincent nyoike november 2 2019 february 12th 2020 no comments bankruptcy is a law that allows individuals and businesses to reorganize the terms of a debt when they are unable to repay on the previous terms of the loan contract
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