The Bankruptcy Act of 1898 ("Nelson Act", July 1, 1898, ch. 541, ) was the first

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

Act of Congress An act of Congress is a statute enacted by the United States Congress. Acts may apply only to individual entities (called Public and private bills, private laws), or to the general public (Public and private bills, public laws). For a Bill (law) ...

involving

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

to give companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws had lasted, at most, a few years.See Debt's Dominion: A History of Bankruptcy Law in America, David A. Skeel, Jr., Princeton University Press 2001 (sample online a

). Its popular name is a homage to the role of Senator

Knute Nelson Knute Nelson (born Knud Evanger; February 2, 1843 – April 28, 1923) was a Norway, Norwegian-born United States, American attorney and politician active in Wisconsin and Minnesota. A Republican Party (United States), Republican, he served in sta ...

in its composition. It was significantly amended by the Bankruptcy Act of 1938 and was superseded by the Bankruptcy Act of 1978.

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Bankruptcy Attorney
United States bankruptcy legislation 1898 in American law Repealed United States legislation History of bankruptcy law {{US-fed-statute-stub

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