Video encyclopedia

Bankruptcy in the United States


Bankruptcy Basics - Part 1: Introduction


Bankruptcy Law in USA


Short history of bankruptcy in the United States


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Bankruptcy In The United States

In the United States, bankruptcy is governed by federal law. The United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States." Congress has exercised this authority several times since 1801, most recently by adopting the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and commonly referred to as the "Bankruptcy Code" ("Code"). The Code has been amended several times since, with the most significant recent changes enacted in 2005 through the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Some law relevant to bankruptcy is found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes). Tax implications of bankruptcy are found in Title 26 of the United States Code, and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code.