How long has bankruptcy existed in the United States?
How long has bankruptcy been around in the United States? Since the U.S. Constitution in 1787. The U.S. Constitution, Article I, Section 8, authorizes Congress to establish uniform bankruptcy laws throughout the nation. The first federal bankruptcy law was passed in the Bankruptcy Act of 1800 (2 Stat. 19).
Bankruptcy has been in this country from the beginning. Even Abraham Lincoln filed bankruptcy. From then until now, at least 10 Acts have been passed substantially changing bankruptcy law. The most recent one was passed in 2005, known as the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
For more information on the history of bankruptcy law in the U.S. contact a Houston bankruptcy attorney at the Rashid Law Firm.