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TITLE TITLE —BANKRUPTCY —GENERAL PROVISIONS —CASE ADMINISTRATION —CREDITORS THE DEBTOR AND THE ESTATE —LIQUIDATION —ADJUSTMENT OF DEBTS OF A MUNICIPALITY —REORGANIZATION —ADJUSTMENT OF DEBTS OF A FAMILY FARMER WITH REGULAR ANNUAL INCOME —ADJUSTMENT OF DEBTS OF AN INDIVIDUAL WITH REGULAR INCOME —REPEALED Search this title LII has no control over and does not endorse any external Internet site that contains links to or references LII
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BankruptcyFrom Wex everyone's resource for law learning Table of contents bankruptcy an overview Bankruptcy law provides for the development of a plan that allows a debtor who is unable to pay his creditors to resolve his debts through the division of his assets among his creditors This supervised division also allows the interests of all creditors to be treated with some measure of equality Certain bankruptcy proceedings allow a debtor to stay in business and use revenue generated to resolve his or her debts An additional purpose of bankruptcy law is to allow certain debtors to free themselves of the financial obligations they have accumulated after their assets are distributed even if their debts have not been paid infull Bankruptcy law is federal statutory law contained in Congress passed the Bankruptcy Code under its Constitutional grant of authority to establish uniform laws on the subject of Bankruptcy throughout the United States See States may not regulate bankruptcy though they may pass laws that govern other aspects of the debtor creditor relationship See A number of sections of Title incorporate the debtor creditor law of the individual states Bankruptcy proceedings are supervised by and litigated in the
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