bankruptcy law
Debt relief statutes
Bankruptcy law is the body of legal rules governing the process by which individuals or businesses unable to pay their debts seek relief and reorganization.
It balances protecting debtors from creditors while ensuring fair distribution of remaining assets.
In the U.S., federal bankruptcy law provides several chapters—Chapter 7 for liquidation, Chapter 11 for business reorganization, Chapter 13 for individual repayment plans: She specialized in bankruptcy law after the 2008 financial crisis.
- debtorOne who owes
- Chapter 7Debt elimination process
- insolvencyInability to pay debts
- proof of claimDocument demanding repayment rights
- means testEvaluation of financial eligibility
Chapter 11 · trustee · debt restructuring · cramdown · creditor · unsecured debt · liquidation · reorganization · business restructuring · filing · garnishment · foreclosure · repossession · protection · debt relief · default · assets · Chapter 13
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bankruptcy lawdebt collection
Pursuing owed payments
debt recovery · wage garnishment · asset seizure · replevin · levy