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Simple English definitions for legal terms
Bankruptcy Act
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A quick definition of Bankruptcy Act:
Bankruptcy Act: The Bankruptcy Act is a law that was created in 1898 to help people who cannot pay their debts. It was used until 1979 to help people who were bankrupt. Bankruptcy is when someone owes more money than they can pay back. The Bankruptcy Act helped these people by giving them a way to start over and pay back their debts in a fair way.
A more thorough explanation:
The Bankruptcy Act is a law that was in effect from 1898 until October 1, 1979. It governed bankruptcy cases during that time period.
For example, if someone filed for bankruptcy in 1965, their case would have been governed by the Bankruptcy Act.
This law set out the rules and procedures for how bankruptcy cases were handled. It provided a way for people who were overwhelmed by debt to get a fresh start by having their debts discharged.
Overall, the Bankruptcy Act was an important piece of legislation that helped many people get back on their feet financially.