The bankruptcy laws have changed drastically throughout the course of history in both America and abroad. You would probably be surprised to discover that insolvency and bankruptcy far predate the woes of today’s U.S. citizens.
In this infographic, you’ll learn the origins of bankruptcy, how it has evolved over the years, and which laws are currently governing bankruptcy in America.
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Bankruptcy laws have changed drastically throughout the course of history in both America and abroad. You would probably be surprised to discover that insolvency and bankruptcy far predate the woes of today’s U.S. citizens. In this infographic, you’ll learn the origins of bankruptcy, how it has evolved over the years, and which laws are currently governing bankruptcy in America.
What does the bible say about bankruptcy?
If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest. If you take your neighbor’s cloak as a pledge, return it by sunset, because that cloak is the only covering your neighbor has. What else can they sleep in?
At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the Lord’s release.
Where did the term bankruptcy come from?
Romans were very harsh to debtors.
Medieval Italian cities punished their insolvent citizens without mercy.
Voluntary insolvency laws were created in 1841 for U.S. citizens.
The Bankruptcy Acts of 1867 and 1898
Bankruptcy Acts of 1933 and 1934
The Bankruptcy Reform Act of 1978
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
Bankruptcy laws have changed throughout the years and differ greatly from biblical, Roman, and medieval times. Today’s bankruptcy laws in America have completely changed how U.S. citizens are able to clear their debts and turn their lives around.