Bankruptcy Reform Act of 1978


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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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CONGRESS CODIFIED PEREZ IN THE BANKRUPTCY REFORM ACT OF 1978.
94) Pointing to the Bankruptcy Reform Act of 1978, the court noted that originally [section] 451 did include the bankruptcy courts, and that the 1984 amendments removed any language referencing the bankruptcy courts.
62) While continued emphasis on undue hardship ought to compel clear definitions for this legal term of art, "undue hardship" was statutorily undefined in the Education Amendments of 1976 (63) and remained undefined the Bankruptcy Reform Act of 1978.
The enactment of the Bankruptcy Reform Act of 1978 (which provided that a plan of reorganization could provide for "sale of all or any part of the property of the estate") and a succession of cases that almost immediately followed such enactment opened the door to such bankruptcy sales.
The 1898 Act was amended at various times in the twentieth century and then replaced by the Bankruptcy Reform Act of 1978, which introduced the Bankruptcy Code.
55) President Jimmy Carter signed the Bankruptcy Reform Act of 1978 as an attempt to rectify deficiencies of the previous act by expanding jurisdiction of bankruptcy courts, which allowed original jurisdiction over civil proceedings arising within bankruptcy cases and relieved bankruptcy judges from several administrative duties.
The Code as we know it was created in its entirety by the Bankruptcy Reform Act of 1978, which was signed into law by President Jimmy Carter.
The delay afforded me the opportunity to get his perspective on the newly enacted Bankruptcy Reform Act of 1978 (the "Bankruptcy Code").
The next significant piece of bankruptcy legislation was the Bankruptcy Reform Act of 1978.
Charles Booth describes a movement in international insolvency law in the United States that shifts from territoriality to universality, back to territoriality, and again to universality, prior to the Bankruptcy Reform Act of 1978.
The court also pointed out that property exempt from creditors' claims was excluded in determining insolvency under the Bankruptcy Reform Act of 1978.
For example, the Bankruptcy Reform Act of 1978 is seen largely as a "prodebtor" piece of legislation because it liberalized exemption levels.