Bankruptcy Reform Act


Bankruptcy Reform Act
= 1978
A US law that brought about major changes to bankruptcy law after 40 years of the previous legislation. The reforms made it easier to file petitions, amended the previous absolute rule giving priority to secured creditors in all cases, and gave federal bankruptcy judges more powers to hear cases. The reforms also added a clause covering tests for ability to pay under chapter 13 of the Bankruptcy Act. Under chapter 11 a firm can apply to the court for protection from its creditors while it undergoes a reorganization in an attempt to pay its debts.

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