Abstract

Abstract In the US, bankruptcy laws have been in effect since the 1800s. However, it was not until 1978, when Congress undertook a major reform of the US bankruptcy laws, that title 11 of the United States Code (as amended, the ‘Bankruptcy Code’), as we know it today, came into existence.1 The authority for the Bankruptcy Code stems from section 8 of the United States Constitution, which permits Congress ‘[t]o establish ... uniform Laws on the subject of Bankruptcies throughout the United States’.2 The Bankruptcy Code is federal law that allows individuals, corporations, partnerships, and other entities to liquidate their assets or reorganize their debts.

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