First substantive bankruptcy code revision since the Chandler Act of 1938; took effect on October 1, 1979; some of the major elements of this act were 1) upgrading the jurisdiction of the U.S. bankruptcy courts to deal with cases handled by other courts (subsequently modified); 2) allowing the filing of a single joint petition of bankruptcy by husband and wife; 3) reorganizing the Chapters of bankruptcy; in particular, concerning business reorganization, Chapters X, XI and XII of the old code are replaced by Chapter 11; 4) expanding the number of people eligible and the type of relief available to people in a new Chapter 13, wage-earner reorganization bankruptcy; 5) altering the appellate procedure allowing direct appeal to the U.S. courts of appeal (subsequently modified); and 6) generally, making federal exemption provisions and options for debtors more extensive.
The Bankruptcy Reform Act of 1978 (Pub.L. 95–598, 92 Stat. 2549, November 6, 1978) is a United States Act of Congress regulating bankruptcy.
.svg "Bankruptcy Reform Act of 1978 1") | |
| Long title | An act to establish a uniform law on the subject of bankruptcies. |
|---|---|
| Enacted by | the 95th United States Congress |
| Effective | November 6, 1978 |
| Citations | |
| Public law | 95-598 |
| Statutes at Large | 92 Stat. 2549 |
| Codification | |
| Titles amended | 11 U.S.C.: Bankruptcy |
| U.S.C. sections created | 11 U.S.C. ch. 1 |
| Legislative history | |
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The current Bankruptcy Code was enacted in 1978 by § 101 of the Act which generally became effective on October 1, 1979. The current Code completely replaced the former Bankruptcy Act of 1898, sometimes called the "Nelson Act" (Act of July 1, 1898, ch. 541, 30 Stat. 544). The current Code has been amended multiple times since 1978. (See, e.g. Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.)
This Act prohibits employment discrimination against anyone who has declared bankruptcy.
