Broke, But Not Out of Luck: Exploring Bankruptcy Records for Genealogy Research Jessica Hopkins The U.S. has seen many economic “ups include items owned by an individual and downs.” Rich and poor alike have or company as well as a listing of seen their finances crash, and have whom they borrowed from. This class been left with no option but will take a look at what bankruptcy bankruptcy. Bankruptcy records contain records are available, what type of a wealth of details that can be found in information can be found, and inform few, if any other place. These can on how to research the records. Session 10 www.archives.gov/calendar/genealogy-fair 1
Jessica Hopkins is an archivist for the National Archives at Kansas City. In this role, currently, she is helping oversee, manage, and provide access to bankruptcy records from courts throughout the United States. Jessica is working towards a Master’s in Public History at Arizona State University. Her B.A. is in History and Jessica Hopkins Secondary Education from William Jewell College. Archivist National Archives at Kansas City Session 10 www.archives.gov/calendar/genealogy-fair 2
Broke, But Not Out of Luck: Exploring Bankruptcy Records Jessica Hopkins, Archivist National Archives at Kansas City Session 10 3
Case 4457, In the Matter of Laugh-O-Gram Films https://catalog.archives.gov/id/6997521 Session 10 4
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Objectives • Briefly describe Federal bankruptcy history • Know what records are available • Understand how to research the records Session 10 6
Economic Ups and Downs • As many as 47 recessions in the United States since 1790. • Causes include: – War – Natural Disasters – Financial Bubbles – Foreign Policy – Domestic Policy Depression: Breadlines: long line of people waiting to be fed: New York City, ca. 02/1932, National Archives Identifier 196499 Session 10 7
Government Authority Congress has authority under Article I, Section 8, Clause 4 of the Constitution to legislate “uniform laws on the subject of Bankruptcies.” By 1900, four separate bankruptcy laws passed: Bankruptcy Act of 1800 Bankruptcy Act of 1867 Bankruptcy Act of 1841 Bankruptcy Act of 1898 Session 10 8
Bankruptcy Act of 1800 CAUSE APPLICATION OF ACT: • Panic of 1797 caused • Limited to merchants by land speculation • Involuntary Bankruptcies only bubble • System abused by corruption and • Deflation from Bank favoritism of England • Quasi-War with France EFFECT: • Repealed in 1803 • Resulted in state operated bankruptcy system in absence of Federal law • 38 years without Federal bankruptcy law Session 10 9
Bankruptcy Act of 1841 CAUSE: EFFECTS: • Panic of 1837 caused by • Creditors viewed law massive bank failures as providing few • Collapse of cotton market payments, and discharging many debtors • Repealed in 1843 APPLICATION OF THE ACT: • Voluntary bankruptcy permitted • Debtor could file for bankruptcy and receive discharge of debt • Any individual could be debtor Session 10 10
Bankruptcy Act of 1867 CAUSES: • Recession of 1865-1867 followed economic devastation of Civil War • International financial instability APPLICATION OF ACT: • Involuntary Bankruptcy for any individual • Courts appointed registers in bankruptcy EFFECTS: • Suffered from same problems as previous acts. • Repealed in 1878. Session 10 11
Bankruptcy Act of 1898 CAUSES: APPLICATION OF THE LAW • Panic of 1893 caused • Individuals entitled to benefits of by failure of Reading voluntary bankruptcy Railroad • Anyone owing $1,000 or more could • Withdrawal of be adjudged an involuntary bankrupt European investments EFFECT: Lasted until 1978 Session 10 12
General Contents of Case Files Cases can include: Libels Defendant’s answers Schedule of debts Motions Stipulations Lists of Names and Addresses of creditors Transcripts of testimony Depositions Inventories of real and personal property Exhibits and evidence Reports Final decrees and discharges Court Orders Claims Briefs Petitions Arguments Opinions *Documents available per each case will vary. Session 10 13
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