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The Bankruptcy Act of 1898 (Act of July 1, 1898, ch. 541, 30 Stat. 544) was the first permanent bankruptcy law and remained in effect until the passage of the Bankruptcy Reform Act of 1978 (Pub. L. 95–598, 92 Stat. 2549, November 6, 1978). The 1898 Act created "courts of bankruptcy" defined as the district courts of the United States.
The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [1] Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. [2]
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
The courts hear civil and criminal cases, and each is paired with a bankruptcy court. [2] Appeals from the district courts are made to one of the 13 courts of appeals, organized geographically. The number of district courts in a court of appeals' circuit varies between one and thirteen, depending on the number of states in the region and the ...
The 1933 Arkansas Default, after the 14th Amendment was passed, would prove much more difficult for the state, because of the increased power of federal court over states. [4] By contrast, a bankruptcy is a legal process, under federal law, to systematically sort out debt obligations under the supervision of a judge. [3]
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