What is bankruptcy in America?

Interweaving careful legal history and rigorous economic analysis, Bankrupt in America is the first work to trace how bankruptcy was transformed from an intermittently used constitutional provision, to an indispensable tool for business, to a central element of the social safety net for ordinary Americans.

Why is bankruptcy important?

Though personal bankruptcy rates have since stabilized, bankruptcy remains an important tool for the relief of financially distressed households. In Bankrupt in America, Mary and Brad Hansen offer a vital perspective on the history of bankruptcy in America, beginning with the first lasting federal bankruptcy law enacted in 1898.

Did you know America is going bankrupt?

Most people don’t. Maybe the saddest part about our country’s state of affairs is that all our vitriol and dysfunction has come at a time when we aren’t even addressing our biggest problems.

When was the largest bankruptcy in US history?

The largest bankruptcy in U.S. history occurred on September 15, 2008, when Lehman Brothers Holdings Inc. filed for Chapter 11 protection with more than $639 billion in assets.