Bankruptcy Law In The 1800s

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Bankruptcy in the United States has a long history, dating back to the era of the founding fathers. While these early laws were originally modeled on English law, modern bankruptcy legislation differs greatly from its predecessors. In the following entry, a bankruptcy lawyer from Knochel Law Office is Bullhead City, AZ offers a brief history of bankruptcy law in the U.S.

Early U.S. Bankruptcy Laws
The earliest U.S. bankruptcy law was the Bankruptcy Act of 1800, which was limited to traders and affected only involuntary bankruptcy cases. The law was repealed in 1803 after creditors were found to have repeatedly forced debtors into bankruptcy. Other bankruptcy legislation was passed during the 1800’s, with the vast majority failing due to being

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