The bankruptcy laws before 1986 were designed for either wage earners or big businesses.
Before 1986 there were not many options for families, i.e., farmers or fishers.
Chapter 11 bankruptcy that was created for businesses is very complicated. The forms and filings that must occur need to be done by a lawyer. The fees for filing this type of bankruptcy are very expensive and most families are not able to come up with these funds. Continue reading