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The current Bankruptcy Code was enacted in 1978 by § 101 of the Act which generally became effective on October 1, 1979. The current Code completely replaced the former Bankruptcy Act of 1898, sometimes called the "Nelson Act" (Act of July 1, 1898, ch. 541, 30 Stat. 544). The current Code has been amended multiple times since 1978.
The Chandler Act gave authority to the Securities and Exchange Commission in the administration of bankruptcy filings. The Bankruptcy Reform Act of 1978, commonly referred to as the Bankruptcy Code, constituted a major overhaul of the bankruptcy system. First, it covered cases filed after October 1, 1979. Second, the 1978 Act contained four titles.
Prior to the BAPCPA Amendments, debtors of all incomes could file for bankruptcy under Chapter 7. BAPCPA restricted the number of debtors that could declare Chapter 7 bankruptcy. The act sets out a method to calculate a debtor's income, and compares this amount to the median income of the debtor's state.
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Bankruptcy Reform Act of 1978; C. Civil Service Reform Act of 1978; ... Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; ...
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The Bankruptcy Act of 1898 – Nelson Act, July 1, 1898, ch. 541, 30 Stat. 544; The Bankruptcy Act of 1938; The Bankruptcy Reform Act of 1978 – Pub. L. 95–598, 92 Stat. 2549, enacted November 6, 1978; The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - Pub. L. 109–8 (text), 119 Stat. 23, enacted April 20, 2005
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