bankruptcy code
Debt relief laws
The bankruptcy code is the body of federal law in the United States that governs how individuals and businesses may seek relief from debts they cannot pay.
It establishes procedures for liquidating assets, reorganizing finances, and determining which creditors get paid.
Different chapters of the code apply to different situations: Chapter 7 covers liquidation, Chapter 11 handles business reorganization, and Chapter 13 allows individuals to repay debts over time while keeping their property.
- debtorOne who owes
- legal protectionRights enforceable by law
- creditorOne owed money
- cramdownJudicial override of creditor dissent
- Chapter 7Debt elimination process
insolvency · trustee · means test · credit counseling · Chapter 11 · secured debt · underwater mortgage · exemptions · court approval · payment plan · debt relief · file · secured · foreclosure · liabilities · repayment · filing · fresh start
- legal fieldscivil law, criminal law, administrative law, common law, civil procedure
- bankruptcyChapter 11, Chapter 7, insolvency, Chapter 13, discharge
- Federal Lawantitrust law, Clean Air Act, Clean Water Act, copyright law, criminal procedure
- insolvencyinsolvency, liquidation, creditors, liquidator, trustee
bankruptcy codesolvency
Capacity to pay debts
financial health · creditworthiness · wealth · prosperity · going concern