Bankruptcy Reform Act of 1978

(redirected from Bankruptcy Act of 1978)

Bankruptcy Reform Act of 1978

A major overhaul of previous bankruptcy law in the United States. The Act forms the basis for how bankruptcies have been conducted ever since. The Act provides for three main types of bankruptcy. Chapter 7 provides for liquidation of a business and discharge of debts. Chapter 11 allows corporations to continue operations after reorganization. Chapter 13 restructures debt but does not forgive it. See also: Bankruptcy Abuse Prevention and Consumer Protection Act, Bankruptcy and Insolvency Act.
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50, 87 (1982) (invalidating bankruptcy courts' grant of general jurisdiction under the Bankruptcy Act of 1978, Pub.
While the Bankruptcy Act of 1978 permitted some preferential treatment with respect to farmers, its drafters failed to anticipate the economic circumstances of the 1980s.
88) The Chapter 12 requirements for eligibility as an individual included a percentage test, similar to the definition of "farmer" provided in the Bankruptcy Act of 1978.
Congress, and the Passage of the Bankruptcy Act of 1978 Part One:
As created under the Bankruptcy Act of 1978 and left undisturbed by the U.
29) "It is undisputed that the bankruptcy judges whose offices were created by the Bankruptcy Act of 1978 do not enjoy the protections constitutionally afforded to Article III judges.
Case was decided in 1939, well before Congress passed the Bankruptcy Act of 1978.
Unfortunately, Ahlers also introduced uncertainty into bankruptcy law when it left open the question of whether the new value exception survived the Bankruptcy Act of 1978.
18) Geraldine Mund, Appointed or Anointed: Judges, Congress, and the Passage of the Bankruptcy Act of 1978 Part 2: The Third Branch Reacts, 81 AM.
263) A few years later, Congress codified the sentiment expressed in Nicholas during the passage of the Bankruptcy Act of 1978.
294) Even if there was no support in BAPCPA or Chapter 12's legislative history for the contention that post-petition taxes are administrative expenses, the legislative history from the Bankruptcy Act of 1978 evidenced intent to codify the common law treatment of post-petition taxes as administrative expenses.
The Honorable Geraldine Mund, Appointed or Anointed: Judges, Congress, and the Passage of the Bankruptcy Act of 1978 Part One: Outside Looking In, 81 Am.