Skip to main content

Recent Changes in the Consumer Bankruptcy Laws

(PDF PDF icon)

In April 1981, the Subcommittee on Courts of the Senate judiciary Committee began hearings to determine why there was such an extraordinary increase in personal bankruptcies since passage of the Bankruptcy Reform Act of 1978, and to determine appropriate corrective action. The subcommittee rather quickly concluded that the 1978 code, which became effective in October 1979, promoted an excessive number of personal bankruptcies and needed to be amended.

In April 1981, the Subcommittee on Courts of the Senate judiciary Committee began hearings to determine why there was such an extraordinary increase in personal bankruptcies since passage of the Bankruptcy Reform Act of 1978, and to determine appropriate corrective action. The subcommittee rather quickly concluded that the 1978 code, which became effective in October 1979, promoted an excessive number of personal bankruptcies and needed to be amended.


Suggested citation: Kowalewski, K. J., 1985. "Recent Changes in the Consumer Bankruptcy Laws,” Federal Reserve Bank of Cleveland, Economic Commentary, 02.01.1985.

Upcoming EventsSEE ALL

  • 06.23.21

    Policy Summit 2021: Pathways to Economic Resilience in Our Communities

    Offering the latest research on and best practices for promoting the economic mobility and resilience of low- and moderate-income individuals, families, and communities.

  • 07.12.21

    Summer Research Coding Camp

    Summer Research Coding Camp is a virtual week-long immersive program for rising high school juniors and seniors. Students will participate in experiential hands-on activities exposing them to real world skills such as data analysis and interpretation while exploring how economists utilize these skills in their careers.

  • 10.07.21

    Inflation: Drivers and Dynamics Conference 2021

    The European Central Bank (ECB) and the Federal Reserve Bank of Cleveland’s Center for Inflation Research will host the Inflation: Drivers and Dynamics Conference 2021, which will be held virtually on October 7–8.

  • 11.17.21

    2021 Financial Stability Conference: Planning for Surprises, Learning from Crises

    The Federal Reserve Bank of Cleveland and the Office of Financial Research will host their annual financial stability conference, Financial Stability: Planning for Surprises, Learning from Crises, which will be held virtually on November 17-19, 2021.