Social Sciences
8 years ago

Bankruptcy Reform Act of 1978 Shifts Focus to Chapter 13 Repayment.

American Business Law Journal
AN ANALYSIS OF CHANGES IN THE USE OF CHAPTER 13 SINCE THE ENACTMENT OF THE BANKRUPTCY REFORM ACT OF 1978
Donald L. Boren

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The goal of the study was to analyze changes in the use of Chapter 13 bankruptcy since the Bankruptcy Reform Act of 1978. The researchers found that the law aims for bankruptcy to be a last resort for consumers, with a preference for Chapter 13 repayment plans over Chapter 7 liquidation. The key idea is to help debtors get a fresh start while ensuring that bankruptcy is effective in resolving financial difficulties.