Pennsylvania Bankruptcy Pre 1989 Agreements

State:
Multi-State
Control #:
US-OG-696
Format:
Word; 
Rich Text
Instant download

Description

This document addresses the question of Bankruptcy in pre-1989 agrements, stating specifically that the granting of relief under the Bankruptcy Code to any Party to this Agreement as debtor, this Agreement should be held to be an executory contract under the Bankruptcy Code, then any remaining Party shall be entitled to a determination by debtor or any trustee for debtor within thirty (30) days.

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FAQ

A debtor may reject an executory contract or unexpired lease by motion or operation of a chapter 11 plan. In larger bankruptcy cases, rejection notices often contain schedules listing numerous contracts to be rejected in a single pleading.

Bankruptcy Act of 1867 The Act notably foreshadows today's debtor-friendly Chapter 12 and 13 provisions by introducing the ?compo- sition agreement? allowing debtors and creditors to negotiate repayment?often for less than full compensation.

After the financial panic of 1837, Congress passed another bankruptcy law, called the Bankruptcy Act of 1841. For the first time, this bankruptcy law permitted debtors to file their own voluntary bankruptcies without a creditor to initiate it. This was a revolution in insolvency law.

The Frazier?Lemke Farm Bankruptcy Act was an Act of Congress passed in the United States in 1934 that restricted the ability of banks to repossess farms.

The Bankruptcy Act of 1898 ("Nelson Act", July 1, 1898, ch. 541, 30 Stat. 544) was the first United States Act of Congress involving bankruptcy to give companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws had lasted, at most, a few years.

The Bankruptcy Reform Act of 1978 (P.L. 103-394, 107 Stat. 4106), as amended, governs the relationship between creditors and debtors when debtors can no longer pay their debts. Ordinarily, people and businesses have a legal obligation to pay their debts.

The Bankruptcy Act of 1938, also known as the Chandler Act, expanded voluntary access to the bankruptcy system in the United States and made voluntary petitions more attractive to debtors. It also gave authority to the Securities and Exchange Commission in the administration of bankruptcy filings.

A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial "fresh start" from burdensome debts.

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Pennsylvania Bankruptcy Pre 1989 Agreements