My Country – Frazier-Lemke Farm Bankruptcy Act In the 1920s and 1930s, farmers accrued large amounts of debt. Farm prices feel as the industrial revolution increased manufacturing prices. Farmers found it impossible to pay off their mortgages. As we noted yesterday, historically, bankruptcy was used to liquidate the assets of a debtor, distribute the proceeds, …
My Country – Bankruptcy Laws Growing up in Chicago, one voice speaks above all else on bankruptcy: Peter Francis Geraci. Not a summer day went by without his dulcet tones. On April 4, 1800, our first Bankruptcy Act was passed. The Framers had put into Article I that Congress could “…establish…uniform Laws on the subject of …