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U.S. bankruptcy law has changed a lot over the past 200 years. In colonial times, debtors had no choice but to go to prison if they could not pay on their debts. Then in the 1800s, preliminary bankruptcy laws mostly benefited the creditors. However, many of these early laws were repealed after only a few years. It wasn’t until the 1900s that comprehensive bankruptcy laws provided financial relief for both individuals and businesses.
Below is an infographic that shows some of the milestones in U.S. bankruptcy history. Click the infographic to download a printable pdf. If you prefer, you can also view a simple text timeline of bankruptcy history.
