Bankruptcy History

The Bankruptcy Reform act of 1978

On November 6, 1978, President Carter signed into law a Bankruptcy Reform Act containing a new Bankruptcy Code, which represented the first comprehensive re-enactment of bankruptcy laws since 1898. The Reform Act culminated seven years of work by the Congress, Lawyers and the Commission on the Bankruptcy Laws of the United States. The Commission was created by Congress on July 24, 1970 and was directed to study, evaluate, and recommend changes to the Bankruptcy Act. In the summer of 1973 lawyers produced a three-part report was produced. Part I described the causes of bankruptcy and suggested changes in the law, Part II was a draft of an optimistically titled "Bankruptcy Act of 1973," and Part III consisted of a selection of papers submitted to the Commission. Lawyers for the Commission made many suggestions that would have meant substantial changes in bankruptcy law and administration. While certain of the suggested structural changes and many of the suggested substantive law changes were adopted in the Reform Act, several of the more significant suggestions were abandoned during the legislative process; suggestions that were abandoned included the proposals for an Article III court and for the creation of a new administrative agency to handle administrative matters arising in bankruptcy cases. The administrative agency was resurrected in part as the United States trustee system.

Legislation based on Part II of the report was introduced in both the Senate and the House in the fall of 1973. After several years of hearings, rather different bills, H.R. 8200 and S. 2266, were introduced. Neither bill bore a close resemblance to the commission draft although many of the draft's suggestions were preserved. In 1978 the bills, containing modifications suggested by the National Bankruptcy Conference, the National Conference of Bankruptcy Judges and lawyers, passed first the House and then the Senate. Remaining material differences were resolved at an informal conference and amended versions were introduced. In spite of some last minute lobbying against the legislation, the bill passed and was signed by President Carter.

San Diego, California

Welcome to San Diego, California's second largest city. Where blue skies keep watch on 70 miles of beaches and a gentle Mediterranean climate begs for a day of everything and nothing. Bordered by Mexico, the Pacific Ocean, the Anza-Borrego Desert and the Laguna Mountains, San Diego county's 4,200 square miles offer immense options for business and pleasure.

Bankruptcy: A legal declaration

Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor (a "voluntary bankruptcy" that is filed by the bankrupt individual or organization).

 

Chapter 7 Chapter 13
  • Are you spending almost all of your income to pay living expenses?
  • Are you behind on your home loan? (Need to stop foreclosure and save your home)
  • Are creditors calling and demanding money that you need to feed yourself and your family?
  • Do you owe taxes or student loans that do not meet the requirements for a discharge?
  • Is there no money left to pay credit cards, medical debt or judgments?
  • Do you want to protect a friend or relative who co-signed for you?
  • Are wages needed for living expenses being garnished by a creditor?
  • Do you need to bring current child or spousal support payments?
  • Was your debt incurred involuntarily, as by sudden calamity or illness?
  • Do you have debts incurred by reason of drunk driving or fraud?
  • Have you had a recent job loss or a marital break-up?
  • Do you need to protect non-exempt assets?
  • Have you suffered emotional distress from creditor harassment and are you eligible for relief under 7?
  • Have you previously filed Chapter 7 within the last eight years?

 

 About Us

The bankruptcy attorneys of the Pacific Bankruptcy Center, serve clients in Southern California, including San Diego County, San Bernardino County, and Riverside County; and the cities of San Diego, Riverside, San Bernardino, Chula Vista, National City, El Cajon, La Mesa, Mission Bay, Hillcrest, Ramona, Julian, Escondido, San Marcos, Vista, Oceanside, Encinitas, Solana Beach, Del Mar, Rancho Bernardo, Rancho Santa Fe, La Jolla, Pacific Beach, Ocean Beach, Little Italy, Old Town, Mira Mesa, North Park, Temecula, and Carlsbad.

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Bankruptcy News

Chapter 7, stop foreclosure, stop harrassment, stop repossessions, stop telephone calls, stop lawsuits, stop utility shutoff's, stop annoying debt collectors, unfreeze bank accounts, regain your financial future, wipe out debt, chapter 13, "0.00 down with a wage order and balance paid through a trustee as part of the payment plan and not paid directly to the attorney, stop foreclosure and other legal proceedings, cram down secured liens,cure over extension of credit, overspending,eliminate medical debt.