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Bankruptcy Act of 1800

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The United States Congress passed the United States' first bankruptcy law in 1800. This followed a decade of periodic financial crises and commercial failures. It was modeled after English practice. Only merchants, bankers, and brokers could petition a creditor. The bankrupt estate was placed under the control of an assignee chosen by the creditors. Congress repealed the law in 1803.

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Bankruptcy Act of 1800 Wikipedia


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