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Key takeaways. Small business bankruptcies are on the rise, with a 29% increase in Chapter 11 filings in September 2023 compared to September 2022. There are several types of business bankruptcies ...
Another problem of reforming the bankruptcy code to include states is the Contract Clause of the U.S. Constitution, which prohibits state governments from ‘impairing the obligation of contracts.’ [5] As originally understood, this clause prohibited state legislatures from passing any laws to relieve either private debt or the state ...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
This is a list of airlines that have filed for bankruptcy protection via Chapter 7 in the United States. [ 1][ 2] Airline. Date Bankruptcy filed. National Florida Airlines [ 3] December 1, 1983. Excellair. July 7, 1984. Oceanaire Lines. February 10, 1984.
United States bankruptcy courts are courts created under Article I of the United States Constitution. [ 1] The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. [ 2] United States bankruptcy courts function as units of the district courts and have subject-matter jurisdiction over ...
Elwood Staffing ( Columbus) Emmis Corporation ( Indianapolis) Finish Line, Inc. ( Indianapolis) First Internet Bancorp ( Indianapolis) First Merchants Corporation ( Muncie) The Ford Meter Box Company ( Wabash) Guidant ( Indianapolis) Gurney's Seed and Nursery Company ( Greendale) Haynes International ( Kokomo)
On November 19, 2008, there was a United States Senate hearing on the automotive crisis in the presence of the heads of Chrysler, Ford and General Motors. The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue.