Following the ratification of the United States Constitution in 1789, Congress was granted the power, under Article I, Section 8, Clause 4, to legislate in favor of uniform laws on the subject of bankruptcy throughout the United States. The Bankruptcy Act of 1898 created a well-organized group with a personal interest in the evolution of the law: bankruptcy attorneys. The 1994 Reform Act also created a National Bankruptcy Commission to investigate further changes in bankruptcy law and other matters.
Who created the bankruptcy law?
Following the ratification of the United States Constitution in 1789, Congress was granted the power, under Article I, Section 8, Clause 4, to legislate in favor of uniform laws on the subject of bankruptcy throughout the United States. The Bankruptcy Act of 1898 created a well-organized group with a personal interest in the evolution of the law: bankruptcy attorneys.
