的 ability to file for 第七章 破产的cy and have one’s financial slate —出于所有意图和目的— wiped clean could feel like a miracle to those who benefit from the process. This certainly begs the question: What is the origin of 破产的cy and how did this legal option come to exist in our current system of laws?
的 first 破产的cy law in the United States was passed 通过 Congress in the year 1800. This law came about following 10 years of off-and-on financial crises and other commercial failures throughout the United States. 的 Bankruptcy Act was a workable solution offered 通过 Congress to help those who had suffered the worst from the ailing economy.
Congress modeled the Bankruptcy Act on English law that was already in place. Back then, 破产的cy was only available to bankers, merchants and brokers. Furthermore, it was only offered on the petition of creditors. Court appointed commissioners were tasked with administering every 破产的cy case, and creditors were permitted to select the assignee who would control the 破产的cy estate. 的 first 破产的cy law, however, was not very popular and Congress repealed it three years later even though it was supposed to be in place until 1805.
Bankruptcy laws are always changing and adjusting to reflect current financial trends and needs of business, the government and individuals. King County residents who are considering filing for 第七章 破产的cy, or pursuing another kind of 债务解决策略, may want to discuss their options with an experienced 破产的cy lawyer.