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Research Paper Bankruptcy November 25, 2005 The process of Bankruptcy was put in to place in order to assist corporations and individuals the opportunity to discharge from unpaid debts. This research paper will discuss the history of bankruptcy and the new laws that changed the status of filing bankruptcy. The first identified bankruptcy law was passed in England in 1542 in order to give creditors a solution (other than imprisonment) against debtors who did not pay their bills. Under this law debtors were considered "quasi criminals" (Skeel) In 1570, England passed a second bankruptcy law that indicated the following: * Only a creditor could instigate a bankruptcy case, basically bankruptcy was involuntary for the debtor. * Only a merchant could be a debtor. (Ordinary people were being thrown in jail) * During the bankruptcy a commissioner seized the bankruptcy assets, sold and distributed them pro rata to the creditors. * At the end of the case,...

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