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Faro Travel on Chapter 13 bankruptcy was introduced, which gave debtors the ability to repay over a three- to five-year plan, while retaining their property and residence. The Chandler Act also defined how businesses could reorganize during bankruptcy. During the long economic boom that took place after World War II, bankruptcy did not change significantly until the 1970s. The Bankruptcy Reform Act of 1978 overhauled bankruptcy practices. Chapter 11 was created to help businesses reorganize, while a new Chapter 13 replaced the old program. Both made it easier for corporations and people to file for bankruptcy and emerge with much less financial damage. Much of the bankruptcy news in the 1980s occurred as the 1978 Act was tweaked and new laws were passed to include groups that were not given special treatment in the earlier laws, such as the Chapter 12 provision created for family farms in 1986. Faro Travel 2016.

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