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Title: MR

Essay Details:

Subject: Miscellaneous
Author: Willie K
Date: June 10, 2016
Level: University
Grade: A
Length: 2 / 384

Essay text:

The first bankruptcy act was passed by Congress in 1800, pat¬terned on English law. It was repealed in 1803 and for the next 40 years debtors were subject to state laws. The sec¬ond federal law, enacted in 1841, was a consequence of the depression and panic of 1837. Several subsequent bankruptcy laws were enacted and repealed. The act on which current law is based was passed in 1898. Amending acts in 1933, 1934, and 1935 attempted to help honest debtors rehabilitate themselves. The Chan¬dler Act of 1938 was designed to protect creditors from exploitation in the settlement of corporate bankruptcy cases, allowing these creditors free legal assistance from the federal Securities and Exchange Commission...

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