The Bankruptcy Reform Act of 1978 (, , November 6, 1978) is a
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...
Act of Congress
An Act of Congress is a statute enacted by the United States Congress. Acts may apply only to individual entities (called Public and private bills, private laws), or to the general public (Public and private bills, public laws). For a Bill (law) ...
regulating
bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...
.
The current
Bankruptcy Code was enacted in 1978 by ยง 101 of the Act which generally became effective on October 1, 1979. The current Code completely replaced the former
Bankruptcy Act of 1898
The Bankruptcy Act of 1898 ("Nelson Act", July 1, 1898, ch. 541, ) was the first United States Act of Congress involving bankruptcy to give companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws had ...
, sometimes called the "
Nelson Act
The Bankruptcy Act of 1898 ("Nelson Act", July 1, 1898, ch. 541, ) was the first United States Act of Congress involving bankruptcy to give companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws had l ...
" (Act of July 1, 1898, ch. 541, ). The current Code has been amended multiple times since 1978. (''See, ''e.g.''
.'')
This Act prohibits
employment discrimination
Employment discrimination is a form of illegal discrimination in the workplace based on legally protected characteristics. In the U.S., federal anti-discrimination law prohibits discrimination by employers against employees based on age, race, g ...
against anyone who has declared bankruptcy.
See also
Bankruptcy Act
Bankruptcy Act (with its variations) is a stock short title used for legislation in Australia, Hong Kong, Malaysia, the Republic of Ireland, the United Kingdom and the United States relating to bankruptcy. The Bill for an Act with this short title ...
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United States bankruptcy legislation
1978 in American law
History of bankruptcy law