1 / 18

John Canvit Bankruptcy Law in the United States

John Canvit Bankruptcy law is a federal law in the United States. Under the U.S. constitution, congress has the responsibility and jurisdiction to enforce uniforms bankruptcy laws across the state. This presentation, prepared by John Cavitt Bankruptcy Attorney, sheds light on the history of Bankruptcy law in the U.S.

Johncavitt
Download Presentation

John Canvit Bankruptcy Law in the United States

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. John Cavitt – Lawsuit & Litigation Attorney

  2. Bankruptcy Law in the United States

  3. Table 1. Chronology of Bankruptcy Law in The United States, 1789-1978

  4. 1789 The Constitution empowers Congress to enact uniform laws on the subject of bankruptcy.

  5. 1800 First bankruptcy law is enacted. The law allows only for involuntary bankruptcy of traders.

  6. 1803 First bankruptcy law is repealed amid complaints of excessive expenses and corruption.

  7. 1841 Second bankruptcy law is enacted in the wake of the Panics of 1837 and 1839. The law allows both voluntary and involuntary bankruptcy.

  8. 1843 1841 Bankruptcy Act is repealed, amid complaints about expenses and corruption.

  9. 1867 Prompted by demands arising from financial failures during the Panic of 1857 and the Civil War, Congress enacts the third bankruptcy law.

  10. 1874 The 1867 Bankruptcy Act is amended to allow for compositions.

  11. 1878 The 1867 Bankruptcy Law is repealed.

  12. 1881 The National Convention of Boards of Trade is formed to lobby for bankruptcy legislation.

  13. 1889 The National Convention of Representatives of Commercial Bodies is formed to lobby for bankruptcy legislation. The president of the Convention, Jay L. Torrey, drafts a bankruptcy bill.

  14. 1898 Congress passes a bankruptcy bill based on the Torrey bill.

  15. 1933-34 The 1898 Bankruptcy Act is amended to include railroad reorganization, corporate reorganization, and individual debtor arrangements.

  16. 1938 The Chandler Act amends the 1898 Bankruptcy Act, creating a menu of options for both business and non-business debtors.

  17. 1978 The 1898 Bankruptcy Act is replaced by The Bankruptcy Reform Act.

  18. About Us: John Cavitt is a bankruptcy attorney who provides legal advice and guidance to consumers and companies in Chapter 7 or 13 proceedings. He graduated from Vermont Law School and is a member of the Vermont Bar Association.

More Related