The Bankruptcy Reform Act of 1978 (as amended and codified in 11 USCA) established new bankruptcy laws and governs bankruptcy cases filed on or after October 1, 1979. This act established United States Bankruptcy Courts in each federal judicial district and made the new panels courts of record with their own clerks and other staff.
The Bankruptcy Reform Act of 1978 substantially revamped bankruptcy practices, including adding new chapters for business reorganization. A strong business reorganization Chapter was created, Chapter 11. (This replaced the old Chapters X, XI and XII that had been created by the 1898 Act and amended by the Chandler Act.) Similarly, a more powerful personal bankruptcy, Chapter 13, replaced the old Chapter XIII. In general, the Reform Act of 1978 made it easier for both businesses and individuals to file a bankruptcy and to reorganize. (See more information on the Bankruptcy Code).
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