Bankruptcy law in the United States has gone through many changes, most recently in 2005 with the passage of a law that tightened restrictions on people filing for Chapter 7 bankruptcy. But that is only the latest development in a set of laws that are almost as old as the nation itself.<\/p>\n
The United States Constitution gives Congress the power to create laws regarding bankruptcy, a concept received from English law. Article I of the Constitution provides that Congress may make \u201cuniform laws on the subject of Bankruptcies,\u201d and the body first made use of the power in 1800, passing a law that applied only to traders and was strictly an involuntary procedure. It was repealed three years later.<\/p>\n
American concepts of bankruptcy law were incorporated into the 1833 Roberts Treaty with Siam, but voluntary bankruptcy in the United States did (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bankruptcy law in the United States has gone through many changes, most recently in 2005 with the passage of a law that tightened restrictions on people filing for Chapter 7 bankruptcy. But that is only the latest development in a…<\/span><\/p>\n